AIG Board Leadership Transition: Peter Zaffino Steps Down as Executive Chair, John Rice Named Chair

Executive Summary

On September 1, 2026, American International Group, Inc. (NYSE: AIG) was notified by Peter Zaffino of his decision to step down as Executive Chair and as a member of the Board of Directors, effective September 15, 2026. Following this transition, Mr. Zaffino will serve as Senior Advisor to the CEO, continuing to support the executive transition.

Key Board and Governance Changes

• Executive Chair Transition: Peter Zaffino concludes his role as Executive Chair and Director on September 15, 2026, shifting into a Senior Advisor role.
• New Board Chair Appointment: John Rice, who has served as Lead Independent Director since January 2023 and a director since March 2022, has been elected Chair of the Board effective September 15, 2026.
• Reason for Departure: The filing affirms that Mr. Zaffino's departure does not stem from any disagreement with the Company, its management, or the Board on any matter concerning operations, policies, or practices.

Employment Agreement Amendment

On September 1, 2026, AIG and Mr. Zaffino executed an amendment to his Employment Agreement (originally dated November 10, 2022, and amended January 3, 2026). Key points include:

• Confirmation that the transition to Senior Advisor and the appointment of Mr. Rice as Chair will not alter Mr. Zaffino's compensation.
• Confirmation that the transition does not trigger severance or termination provisions under Sections 7(d) or 7(e) (termination without Cause or resignation for Good Reason).
• Full details of the amendment will be filed with the Form 10-Q for the quarter ending September 30, 2026.