American International Group Inc. (NYSE: AIG) announced that Eric Andersen will become president and chief executive officer effective June 1, 2026, completing the company's previously announced leadership transition plan.

Andersen will also join the AIG board of directors, while current Chairman and CEO Peter Zaffino will transition to executive chair of the board. Andersen joined AIG in February as president and CEO-elect.

"I am honored to serve as AIG's next Chief Executive Officer and want to thank Peter and the AIG Board of Directors for the opportunity to lead this iconic company," Andersen stated in the announcement.

Zaffino expressed confidence in the transition, saying he is "very confident that Eric's extensive insurance expertise, significant industry relationships and strong focus on growth will serve AIG exceptionally well as the Company continues to execute against its strategic priorities."

John Rice, lead independent director of AIG's board, noted that Andersen "has immersed himself in the Company's business and operations, and he is well prepared to assume the role of CEO" since joining the company.

The leadership change marks the conclusion of AIG's succession planning process. Both executives will provide additional commentary on the transition during AIG's first quarter 2026 earnings conference call scheduled for May 1, 2026, at 8:30 a.m. ET.

AIG provides insurance solutions to businesses and individuals in more than 200 countries and jurisdictions through its operations, licenses and network partners.