AIG names new CEO, plans to spin off life and retirement unit

(Reuters) – Insurer American International Group Inc on Monday named President Peter Zaffino as its new chief executive officer, and said it plans to spin off the life and retirement business unit from the parent company.

Shares of the company were up nearly 8% in extended trading.

Zaffino, who succeeds Brian Duperreault, will take charge from March next year.

AIG said it is yet make a decision on how to execute the unit separation, saying the board has plans to establish two independent, market leading companies.

Reporting by Munsif Vengattil and Madhvi Pokhriyal; Editing by Maju Samuel