AIG 2014 Annual Report Download - page 7

2014 was another year of great progress for AIG. It was a
year of decision and action, as we focused on staying the
course while moving forward, and creating sustainable value
for our stakeholders.
The most important decision in 2014 was the selection of the
leader who would succeed Bob Benmosche as AIG President
and CEO. After a comprehensive process to bring the best
leadership to our stakeholders, the Board, with great confi-
dence, selected Peter Hancock as AIG’s new President and
CEO in June. He succeeded Bob on September 1.
Bob passed away in February 2015. We mourn this profound
loss with great sadness, yet celebrate Bob’s life and legacy
with the greatest appreciation. Courageous and controver-
sial, Bob led the people of AIG to achieve the unimaginable
– executing perhaps the largest turnaround in the history of
corporate America. The Board witnessed firsthand the effect of
Bob’s philosophy: When you give people the freedom to act,
and they act responsibly, they are capable of amazing things.
On behalf of the Board and so many others, we will always
be grateful to Bob.
Peter has the characteristics to lead AIG toward our vision of
being the world’s most valued insurer for our clients, including
his deep financial experience that helped us de-risk the com-
pany, and broad international experience from having lived
and led in places across the globe. Shortly after Peter officially
took on the role in September, he aligned the company by cli-
ent segment rather than product line – further bringing together
our capabilities and bringing us closer to our clients.
In 2014, the dialogue continued between the AIG Board
and our regulators to better understand and help shape the
evolving worldwide regulatory environment. Our primary
objectives remain the same. As a global company with many
global clients, we want our many individual regulatory entities
to develop rules and requirements that are consistent across
national boundaries. And as an insurer, we want to advo-
cate for a framework that recognizes the inherent differences
between insurance companies and banks, and treats each
industry accordingly. In our view, regulatory oversight, if done
properly, can facilitate rather than hinder the important role of
the insurance industry in our world economy.
AIG is no stranger to change, and 2014 was no exception,
with new leadership and a new structure. What matters is
that the changes make us better and move us forward in the
right direction. We look forward to the changes that 2015 will
bring, and to even more opportunities to deliver value to our
clients and shareholders.
Sincerely,
Robert S. Miller
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Robert S. Miller
Non-Executive Chairman of the Board
Dear AIG Shareholder,