Peter Zaffino, has been appointed chairman of the board of directors of American International Group.

The AIG president and chief executive officer, will assume the additional role on January 1, after current executive chairman, Brian Duperreault, retires from the board at the end of this year.

“The AIG board of directors has great confidence in Peter’s ability to continue executing on AIG’s transformation and growth strategy designed to create long-term, sustainable value,” lead independent director Doug Steenland said.

“Peter’s transition into the CEO role in March 2021 was seamless and the company is performing exceptionally well. His leadership is highly respected by the board, the insurance industry and across the company’s many stakeholders.”

Mr Duperreault said: “Peter has played an indispensable role in AIG’s turnaround and his unwavering focus, strength of character, integrity and strategic vision will drive AIG’s continued success.”

Mr Zaffino was grateful for the support of the board, the strength and many contributions of the AIG executive team, and the hard work and dedication of their colleagues across the globe.

“Our commitment to underwriting and operational excellence, and delivering solutions and value in everything we do, has been an important part of our journey to be a global industry leader,” he said. “I am proud of what our team has accomplished over the last several years and very excited about what the future holds for AIG and our many stakeholders.”