American International Group (AIG) announced that John Rice will succeed Peter Zaffino as Chairman of the Board of Directors of the company starting September 15. On the same date, Zaffino will step down as Executive Chairman and board member, transitioning to the role of Senior Advisor at the insurer, continuing to support the executive leadership team during the transition process.
Rice had been Lead Independent Director at AIG since 2023. Previously, he was non-executive chairman of GE Gas Power between 2018 and 2020 and president and chief executive of the GE Global Growth Organization. He currently serves on the board of directors of Baker Hughes Company. In January 2026, AIG had already announced that Zaffino would step down as CEO, with Eric Andersen as his successor.
Peter Zaffino stated that he looks forward to continuing to serve AIG as senior advisor, working with the Board of Directors and Eric Andersen during this leadership transition. Zaffino also revealed that in January 2027, he will assume the role of Global Head of Financial Services at Palantir Technologies Inc.
