American International Group, Inc. (NYSE: AIG) announced that Peter Zaffino will step down as Executive Chair and board member, effective September 15, 2026, transitioning to a Senior Advisor role to support the company's leadership transition.

The AIG board has elected John Rice, who has served as Lead Independent Director since January 2023, to assume the Chair position on the same date. Rice has been a board member since March 2022.

Rice previously served as Non-Executive Chairman of GE Gas Power from 2018 to 2020, and before that as President and Chief Executive Officer of the GE Global Growth Organization for seven years. He retired from General Electric as Vice Chairman in 2018. Rice currently serves on the board of Baker Hughes Company and is a trustee of Emory University and Hamilton College.

"I am honored to continue to have a leadership role on AIG's Board, now as its Chair, working closely with my fellow Directors, President & CEO Eric Andersen, and AIG's leadership team," Rice said in a statement.

Zaffino said he looks forward to continuing to work with Rice as he assumes the Chair role, adding, "With AIG entering its next chapter, now is the right time for the next phase of leadership."