Zaffino steps down as AIG Executive Chair. Rice becomes Chair. Andersen stays CEO.

Peter Zaffino is leaving the AIG board chair. He is not leaving the company — and Eric Andersen remains President & CEO.

On September 1, 2026, Zaffino notified the American International Group, Inc. Board of Directors that he will step down as Executive Chair and as a member of the Board, effective September 15, 2026 — the Transition Date in the Form 8-K. On that date, John Rice, AIG’s Lead Independent Director, becomes Chair of the Board. AIG’s Form 8-K, accepted by the SEC on September 2, 2026 at 4:15:45 p.m. ET (AccNo 0000005272-26-000088; Period of Report September 1, 2026; Items 5.02 and 9.01), is the legal record. A press release dated September 2 followed as Exhibit 99.1.

What changes on September 15

Three things move on the Transition Date. Zaffino steps down as Executive Chair and as a director. Rice becomes Chair. Zaffino stays in an advisory role.

The 8-K’s legal label: on the Transition Date, Zaffino “will become a Senior Advisor to the CEO of the Company.” Exhibit 99.1’s press wording: he “will become a Senior Advisor to the company, and in this role, he will continue to support the company’s executive leadership transition.” Same effective date. Two printed formulations.

Eric Andersen is named in the press release as President & CEO — in both John Rice’s and Peter Zaffino’s attributed quotes. The 8-K does not announce a CEO succession. Andersen remains President & CEO on this filing.

Who John Rice is

Rice has been an AIG director since March 2022 and Lead Independent Director since January 2023. The Board elected him Chair effective September 15, 2026.

Exhibit 99.1 lists Rice’s prior roles as printed: Non-Executive Chairman of GE Gas Power from 2018 to 2020; President and Chief Executive Officer of the GE Global Growth Organization for seven years; retired from GE as Vice Chairman in 2018; trustee of Emory University and Hamilton College; and a director of Baker Hughes Company.

The filing does not name who succeeds Rice as Lead Independent Director.

What the filing says about disagreement

The Form 8-K states that Zaffino’s resignation “is not due to any disagreement with the Company, its management or the Board or on any matter related to the Company’s operations, policies or practices.” That is the company’s disclosure. It is not a colorful rewrite.

What the Amendment confirms — and what it does not

On September 1, 2026, AIG and Zaffino entered an amendment to his Employment Agreement dated November 10, 2022 and previously amended January 3, 2026. The 8-K says the Amendment confirms that neither Zaffino’s transition to Senior Advisor nor Rice’s appointment as Chair will result in any changes to Zaffino’s compensation pursuant to the Agreement, or constitute a termination without Cause or for Good Reason under Sections 7(d) or 7(e) of the Agreement.

No dollar amounts appear in this filing. The full Amendment text is not attached to the 8-K; the company says a copy will be filed as an exhibit to its Form 10-Q for the quarter ended September 30, 2026.

How AIG framed it

Exhibit 99.1 is the company press release. Attribute the quotes as company framing.

John Rice, attributed in the release as Chair of the AIG Board of Directors — a prospective label ahead of the September 15 effective date — thanked Zaffino for “exceptional leadership and lasting contributions,” said that under Zaffino’s tenure AIG “strengthened its competitive position and created significant long-term value for shareholders,” and said he is “honored” to serve as Chair “working closely with my fellow Directors, President & CEO Eric Andersen, and AIG’s leadership team” on strategic priorities, governance, and “sustainable, profitable growth.”

Zaffino, on the same exhibit: after his transition to Executive Chair “earlier this year,” he looks forward to serving as a Senior Advisor, “working with the Board of Directors and President & CEO Eric Andersen through this thoughtful approach to our leadership transition.” He said he looks forward to working with Rice as Chair, that “now is the right time for the next phase of leadership,” and thanked colleagues.

Those lines are AIG’s framing of its own transition on Exhibit 99.1.

What is still open

September 15 has not arrived. Until the Transition Date, Zaffino is still Executive Chair and a director on the printed schedule.

The Amendment’s full text waits on the third-quarter 10-Q. Compensation dollars under the Agreement are not printed here. Who becomes Lead Independent Director after Rice is not printed here. Day-to-day Senior Advisor scope beyond the transition-support language is not spelled out.

Until September 15, the accurate tense is announced — not completed.