American International Group (AIG) is preparing for a big leadership change in 2026. Peter Zaffino, who has been chairman and CEO since March 2021, plans to step down as CEO and take on the role of executive chair by mid-year. This shift marks the end of an era in which Zaffino helped AIG achieve five straight years of underwriting profits and returned more than $19 billion to shareholders.
Taking over as president and CEO will be Eric Andersen, a seasoned executive joining from Aon. Andersen’s appointment starts February 16, 2026, as CEO-elect, with him officially becoming CEO and a board member after June 1, once he completes a transition period. Andersen spent nearly 30 years at Aon, where he held key roles including president and various CEO positions. Under his leadership from 2020 to 2025, Aon’s market value jumped from $35 billion to $85 billion.
This leadership move comes after a surprise shake-up late last year when John Neal, expected to become AIG’s president in December 2025, pulled out just two weeks before starting. The board of directors had laid the groundwork for this transition over several years, showing strong confidence in Andersen as the right person to lead next.
Both Zaffino and Andersen spoke positively about the change. Zaffino praised their working relationship and felt Andersen is ready to guide AIG forward. Andersen expressed his gratitude for the board’s trust and said he’s eager to take on the new role.
John Rice, AIG’s lead independent director, added that Andersen is known for being a smart strategist who delivers value to shareholders. With all these moving pieces, AIG is positioning itself for continued strength and growth under new leadership next year.