|AIG NAMES IAN D. CORMACK CHIEF EXECUTIVE OF EUROPEAN OPERATIONS|
|NEW YORK, July 24, 2000 - American International Group, Inc. (AIG) has announced that it has named Ian D. Cormack to the new position of Chief Executive Officer of the company's European operations, overseeing its insurance, financial services and asset management businesses. Mr. Cormack joins AIG after a 31-year career at Citibank, where he was most recently Global Industry Head for the Investment Industry, based in London. Mr. Cormack will assume his new position with AIG later this summer and will be based in London.|
Ian Cormack has spent his entire career with the Citibank organization, beginning as an account officer in the London branch, followed by assignments in New York and Paris, where he was Director of real estate lending in France. Ian returned to the United Kingdom in 1979, and has held a succession of increasingly responsible positions with Citibank in London. In 1989, he was named Division Executive, Financial Institutions Group, Europe and from 1992 to 1997, he was Country Corporate Officer for the U.K. and Chairman of Citicorp International plc, Citigroup's pan-European U.K.-supervised bank. He was named to his current position as Global Investment Industry Head in 1995, responsible for the bank's relationships with investing institutions and investment banks. Ian received a BA/MA degree in Philosophy, Politics and Economics from Oxford University.
Commenting on the appointment of Mr. Cormack, M.R. Greenberg, AIG Chairman and Chief Executive Officer, said, "Bringing Ian Cormack on board is a significant step in AIG's strategy to enhance and expand our European business, and to provide stronger coordination among our insurance and financial services operations across Europe. Ian's extensive experience in international financial services, particularly in the U.K. and continental Europe, will be of great value to us as we expand our European business in the future. I am extremely pleased that Ian will be assuming this important new position within AIG."
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.