Jay Wintrob is leaving American International Group three months after being passed over for the job of president and CEO.
Earlier this summer, news reports pointed to Wintrob, president and CEO of AIG Life & Retirement, as one of two candidates to replace Robert Benmoshe, who sped up his retirement plans and stepped down at the end of the summer due to a dire cancer prognosis. Peter Hancock, executive vice president and CEO of AIG Property Casualty at the time, was the other finalist—and he ended up getting the job.
AIG’s announcement gave no reason for Wintrob’s departure, other than noting he is leaving AIG after more than 25 years “to pursue other opportunities.”
AIG, in its official statement, lauded Wintrob for his service to the company.
“He has played an instrumental role in AIG’s success,” Hancock said in his prepared remarks. “Under his leadership, AIG’s life and retirement businesses have consistently been top performers. Jay leaves behind a strong leadership team and businesses that are well-positioned for the future.”
Wintrob, also in prepared remarks, said he is “excited by [Hancock’s] vision for the company” and that “there is tremendous opportunity ahead for AIG.”
Wintrob isn’t the only departure at AIG. The company also announced that Michael Cowan, vice president and chief administrative officer, will retire after five years of service.
Hancock addressed that in a statement too, commenting that Cowan “has been an asset to the company.”