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Sep 15, 2023

AIG promotes general counsel Lucy Fato

Fato to take up newly created position of vice chair with the company

American International Group (AIG) is promoting Lucy Fato, executive vice president, general counsel and global head of communications and government affairs, to the newly created position of vice chair, effective October 1.

In her new role, Fato will report to AIG chair and CEO Peter Zaffino. Rose Marie Glazer, executive vice president and chief human resources and diversity officer, will serve as interim general counsel and head of government affairs and Jennifer Silane, chief of staff to Zaffino, will serve as interim head of global communications in addition to their existing roles until the company appoints permanent successors for Fato.

Fato joined AIG as executive vice president and general counsel in 2017. She was previously managing director, head of the Americas and general counsel of Nardello & Co, a global private investigative firm. Before that, she was executive vice president and general counsel of S&P Global having previously been deputy general counsel and corporate secretary at Marsh McLennan. Before moving in-house, Fato spent 14 years with Davis Polk & Wardwell, including five as a partner in the law firm’s capital markets group.

She has also served as a judge for Corporate Secretary’s Corporate Governance Awards for a number of years.

Lucy Fato

Zaffino says in a statement: ‘Since Lucy joined AIG in 2017, she has played a pivotal role in successfully navigating [our] complicated transformational work and executing on multiple complex workstreams that have transformed the company into what it is today.

‘These include strengthening AIG’s governance framework and stakeholder engagement, assessing and enhancing our organizational health, leading the design of AIG’s purpose and values, positioning AIG and Corebridge Financial as separate stand-alone entities, navigating the complexities of the pandemic and executing on a series of transactions and partnerships that have streamlined our portfolio and repositioned AIG for long-term profitable growth.

‘I have valued Lucy’s involvement in so many critical moments for AIG. I admire her work ethic and tireless commitment to making a difference and look forward to her continued contributions in her new role.’

Fato says: ‘It has been an honor to work with Peter, someone I have known for almost two decades and admire for his exceptional leadership, integrity… and commitment to excellence. AIG’s accomplishments over the last few years have been extraordinary, and I look forward to continuing to collaborate with Peter in my new role and contributing to AIG’s ongoing success.

‘Additionally, I am very proud of the talented colleagues in the global legal, compliance, regulatory, government affairs and communications teams that I have had the privilege of leading and the important role they have played in the most complex turnaround and transformation in the history of the insurance industry.’

Ben Maiden

Ben Maiden is the editor-at-large of Governance Intelligence, an IR Media publication, having joined the company in December 2016. He is based in New York. Ben was previously managing editor of Compliance Reporter, covering regulatory and compliance...