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AIG Realigns And Announces Devlin Resignation

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NU Online News Service, Sept. 5, 10:24 a.m. – American International Group Inc., New York, says it is moving to realign its operations now that it has completed its acquisition of American General Corp., Houston.

AIG will operate American General as a wholly owned subsidiary under the American General name, but Maurice Greenberg, chairman of AIG, will replace Robert Devlin as chairman of American General, AIG says.

Devlin, who “decided to resign,” will continue to serve the combined company as a consultant, AIG says.

AIG also sketched out its plans for its U.S. life insurance, retirement services and asset management operations.

AIG plans to run its U.S. life insurance operations through American General; its retirement services operations through SunAmerica Inc.; and its asset management operations through AIG Global Investment Group Inc.

Rodney Martin Jr., senior vice chairman for financial services at American General, will be president of American General. He will report directly to Greenberg, but he will “work closely with Edmund Tse,” the AIG senior vice chairman for life insurance, AIG says.

Jay Wintrob, president of SunAmerica, will continue to run SunAmerica and its retirement services operations. John Graf, formerly senior vice chairman for asset accumulation at American General, will report to Wintrob, AIG says.

Win Neuger, AIG chief investment officer, will continue to run AIG Global Investment. Richard Scott, formerly vice chairman for investment management at American General, will report to Neuger, AIG says.