AIG General Counsel to Retire
May 18, 2016 by David Pilla
NEW YORK – Tom Russo, American International Group Inc.’s general counsel, plans to retire from the company as soon as his replacement is found, according to AIG’s chief executive officer.
In a letter to AIG staff, President and CEO Peter D. Hancock said Russo “will remain with AIG until we find a replacement, and through the period of transition of the new general counsel. A search for a replacement will begin immediately.”
“Tom’s guidance and leadership will be greatly missed by all at AIG — and by me in particular,” Hancock wrote. “Tom and I joined AIG in the same week in February 2010, and we quickly established a strong bond. I am deeply appreciative of the valuable strategic guidance he has given me throughout the years.”
Hancock said among Russo’s accomplishments during his six years at AIG, “perhaps most notably, his having led the company through negotiations with the U.S. Treasury and Federal Reserve Bank of New York to repay the government and U.S. taxpayers with a profit.” Hancock added AIG’s in-house legal team “negotiated more than 90 strategic transactions to sell AIG’s non-core assets, guided six sales of AIG common stock by the U.S. Treasury, and fended off unprecedented litigation challenges.”
Following AIG’s payback of its debt to the U.S. government, Hancock unveiled strategy that would allow the group to continue to sell off non-core assets (Best’s News Service, Jan. 26, 2016).
Units of American International Group Inc. have current Best’s Financial Strength Ratings of A (Excellent).
AIG shares closed at $55.40 on the afternoon of May 17, up 0.22% from the previous close.
(By David Pilla, news editor, BestWeek: David.Pilla@ambest.com)
