AIG terminates interim CFO Lyons over non-disclosure violations

According to a regulatory filing, on January 24, 2023, AIG terminated Mark D. Lyons from his position as Interim Chief Financial Officer and Executive Vice President, Global Chief Actuary and Head of Portfolio Management of the Company, after the company became aware that he violated his confidentiality/non-disclosure obligations to the company. These violations were unrelated to the company’s financial statements, financial reporting generally and related disclosure controls and procedures, or reserves. In recognition of Lyons’ contributions to AIG since he joined the company in 2018, the Compensation and Management Resources Committee of the Board of Directors of the company and the Board approved the company’s entry into a settlement agreement with Lyons, pursuant to which the company has agreed to pay Lyons an aggregate cash amount of $7.5M, which will be paid in two equal installments on or before each of February 15, 2023 and February 15, 2024. The description of the Settlement Agreement set forth above is qualified in its entirety by the Settlement Agreement, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K. On January 25, 2023, the company appointed Sabra Purtill to serve as the company’s Interim Chief Financial Officer. Since April 2022, Purtill has served as Chief Investment Officer of Corebridge Financial. On January 30, 2023, the company appointed Turab Hussain to serve as the Company’s Interim Global Chief Actuary. Hussain has served as Chief Risk Officer of General Insurance at AIG since September 2021.