|AIG SENIOR VICE PRESIDENT CESAR C. ZALAMEA RETIRES AFTER MORE THAN 50 YEARS OF SERVICE; JOHN CHU NAMED AIG GLOBAL INVESTMENT GROUP-ASIA CHAIRMAN, ADA TSE NAMED AIG GLOBAL INVESTMENT GROUP-ASIA PRESIDENT & CEO|
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NEW YORK--July 11, 2005--American International Group, Inc. (AIG) announced today that AIG Senior Vice President and AIG Global Investment Group-Asia (AIGGIG Asia) President & CEO Cesar C. Zalamea has retired from AIG after more than 50 years of service. John T. W. Chu has been named Chairman of AIGGIG Asia and Ada K. H. Tse has been named AIGGIG Asia President and Chief Executive Officer. Both Mr. Chu and Ms. Tse will continue to be based in Hong Kong.
Cesar Zalamea joined the American International organization in the Philippines as an investment analyst in 1954 and served from 1969-1981 as President of The Philippine American Life Insurance Company (Philamlife), AIG's life insurance company in the Philippines. He held posts in the government of the Philippines on two occasions, serving first as Deputy Director General of the Presidential Economic Staff and later as Chairman & CEO of the Development Bank of the Philippines. Mr. Zalamea was elected AIG Vice President, Investments in 1997 and AIG Senior Vice President, Investments in 2002. He has headed the AIG investment units in Asia since 1986, first as Managing Director of AIG Investment Corporation (Asia) Ltd ., and subsequently as President & CEO of AIGGIG Asia.
In addition to his new responsibilities as AIGGIG Asia Chairman, Mr. Chu will continue to be responsible for all fixed income investments for AIG Companies in Asia ex-Japan. He serves this role as Executive Vice President and Chief Investment Officer of American International Assurance Co Ltd (AIA), the largest life insurer in Southeast Asia, and as AIGGIG Regional Chief Investment Officer for Asia Pacific, ex-Japan, reporting directly to Richard Scott, AIG Global Investment Group Senior Managing Director, Fixed Income Investments.
Mr. Chu joined AIG in 1993 after 19 years at Bank of America in various senior credit, marketing and management positions. Immediately prior to joining AIG, he was Bank of America Vice President and Corporate Banking Head, responsible for its wholesale banking business in China and Hong Kong. He earned an M.A. from Concordia University and an M.B.A. from the Chinese University of Hong Kong. He attended the executive development program at Princeton University.
As President and CEO of AIGGIG Asia, Ms. Tse will report directly to AIG Executive Vice President and Chief Investment Officer Win J. Neuger. In addition to her new responsibilities, she will continue to head AIGGIG Asia ex-Japan direct investment activities, and remain Chief Executive Officer of the AIG Asian Opportunity Funds.
Prior to joining AIGGIG in 1996, Ms. Tse was engaged in financial advisory services and equity capital markets work at Morgan Stanley in New York and Hong Kong. Before that she was an attorney at Sullivan and Cromwell in New York. Ms. Tse received a B.A. from Harvard University and a J.D. from Harvard Law School. She attended the Stanford Business School Executive Program.
AIG President and Chief Executive Officer Martin J. Sullivan said, "Cesar Zalamea has served AIG with distinction. His vast knowledge of the region and its markets and his insight and judgment have greatly benefited AIG and the many colleagues who have had the good fortune to work with him and learn from him. On behalf of all of us at AIG, I thank him for his many years of service. I am also very confident that John Chu and Ada Tse will continue the professionalism established by Cesar for the highest levels of performance and excellence."
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
AIG Global Investment Group comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world.