NU Online News Service, May 1, 10:33 a.m. – American International Group Inc., New York, says its board has named Martin Sullivan and Edmund S.W. Tse “co-chief operating officers” of AIG.
Wall Street analysts and financial wire services are greeting the announcement as a sign that AIG has anointed the executives as possible successors to AIG Chairman Maurice “Hank” Greenberg, 76.
Sullivan has been running AIG’s foreign general insurance operations, and Tse has been the senior vice chairman in charge of life insurance.
Tse is also chairman of American International Assurance Company Ltd., AIG’s flagship Southeast Asian life insurance company.
Tse began his AIG career in 1961, when he joined AIA in Hong Kong. In 1970, he joined Nan Shan Life Insurance Company, Ltd., an AIG subsidiary in Taiwan, where he became president.
He has also held other positions with AIG in Hong Kong. He has served as chairman of the Hong Kong Federation of Insurers, and he was a member of the Hong Kong Government’s Insurance Advisory Council.
In related news, the AIG board has named Sullivan vice chairman; named a third executive, Howard Smith, vice chairman, chief financial officer and chief administrative officer; and named Frank Zarb chairman of the board’s executive committee.
Zarb is a former chairman of the National Association of Securities Dealers Inc., Washington. He has been an AIG director since 2001.
AIG has also established a seven-member Office of the Chairman that includes Greenberg; Sullivan; Tse; Donald Kanak, a life insurance veteran who is president of the AIG companies in Japan and Korea; Kristian Moor, executive vice president of domestic general insurance; and Win Neuger, AIG’s chief investment officer.