AIG CEO Peter Hancock revamped a committee of senior executives he initially formed moreAIG_PRI_pms2995 than a year ago in a bid to further boost efficiency and growth. The move will lead to the departure of four executives and added responsibilities for those who remain.

Hancock’s action comes as billionaire activist investor Carl Icahn continues to press for an AIG breakup as well as his potential removal. AIG spokesperson Jon Diat told Carrier Management via email, however, that “these organizational changes have been considered for nearly a year.”

The insurance giant said that the following executives will leave the company after a transitional period: David Herzog, chief financial officer; John Doyle, executive vice president and chief executive officer of Commercial Insurance; Jose Hernandez, senior vice president and chief executive officer of Asia Pacific; and Eric Martinez, executive vice president of Global Claims and Operations.

Hancock’s Operating Committee, formed after he became CEO in September 2014, has been streamlined down from 15 people to 10 and been renamed the “Executive Leadership Team.” Many of the original appointments from the Operating Committee remain in the new configuration with both existing and new responsibilities.

Peter Hancock
AIG CEO Peter Hancock

Hancock explained the revamp in a memo to AIG employees, noting a desire to build on progress made so far on narrowing focus, boosting efficiency, growing through innovation and returning excess capital to shareholders.

“We are moving forward with a continued sense of urgency,” Hancock wrote. “I have streamlined my senior leadership structure in a manner that will accelerate our decision-making and ensure that we have strong end-to-end accountability within the customer segments.”

The revamped team is “a dynamic, highly skilled group that is well-positioned to lead our company’s transformation as we continue to execute on our strategic priorities and simplify AIG,” Hancock said.

At the same time, Hancock referred to Herzog, Doyle, Hernandez and Martinez as “departing senior leaders” who gave “years of distinguished service.” He explained that the company “will take the appropriate time to honor and celebrate their many contributions to AIG.”

AIG said that Hancock’s revised Executive Leadership Team will include:

  • Chief Investment Officer Douglas Dachille. He’ll oversee science at AIG, and Chief Science Officer Murli Buluswar will report to him.
  • Chief Information Officer Philip Fasano.
  • Chief Auditor Martha Gallo, who will continue to report both to the board’s audit committee and Hancock.
  • Kevin Hogan, CEO of Consumer. The Japan operations and the Consumer Claims organization will report to Hogan.
  • Jeffrey Hurd, Executive Vice President, Transformation, Human Resources and Administration.
  • Seraina Maag, CEO of Regional Management & Operations. The regional CEO & president roles (Americas, EMEA and Asia Pacific) will be consolidated into one role with oversight of country management. Maag will also assume oversight of Operations.
  • Thomas Russo, General Counsel, Legal, Compliance, Regulatory Affairs and Government Affairs.
  • Chief Financial Officer Sid Sankaran, who will maintain oversight of Enterprise Risk Management. Alessa Quane will become Chief Risk Officer and will continue in the role of Chief Corporate Actuary, reporting both to Sankaran and to the board’s Risk and Capital Committee.
  • Robert Schimek, CEO of Commercial. The U.K. operations and the Commercial Claims organization will report to Schimek.
  • Brian Schreiber, Chief Strategy Officer and Head of Corporate Marketing and Communications.

Herzog will continue as chief financial officer through the filing of AIG’s 2015 Form 10-K, according to the company. Sankaran will continue as chief risk officer until he becomes chief financial officer.