On The Move: AIG

AIG

American International Group (AIG) has promoted Mr Mark Lyons, who rejoined AIG earlier this year, to succeed Mr Sid Sankaran as chief financial officer. Mr Lyons became AIG's chief actuary of general insurance in June and will continue in that role until a successor is named, the company said last week in a statement. Mr Sankaran will remain as an adviser for the year-end reporting process.

AIG chief executive Brian Duperreault has been revamping management since taking over last year as he seeks to boost confidence in the insurer, which has slumped 32 per cent this year.

Upon returning to AIG, Mr Lyons initiated a review of reserves, announcing that in the third quarter he had the project about 75 per cent completed. The rest would be analysed during the last three months of the year.

Mr Lyons joined AIG the second time from Arch Capital Group, where he had worked since 2002. He has been at firms such as Berkshire Hathaway and Zurich Insurance Group.

Mr Sankaran took over the CFO role in early 2016 after being named chief risk officer from 2010. He worked as CFO under former CEO Peter Hancock and defended the company's strategy against activist investor Carl Icahn, who had been pushing for a break-up of the insurer. When Mr Hancock stepped down last year and Mr Duperreault was named as the new leader months later, Mr Sankaran continued as CFO.


Glencore

Glencore's head of oil in Singapore, Mr Quek Chin Thean, has become the new director of the company's liquefied natural gas (LNG) division after veteran Mark Catton retired at the end of October.

The move comes as the commodities trader and miner shakes up its leadership, making way for a younger generation. Another long-time employee, head of copper marketing Telis Mistakidis, is retiring this year and chief executive Ivan Glasenberg wants to retire by the time he is 65.

Mr Maxim Kolupaev was formally made head of crude oil a few months ago under global head of oil and gas Alex Beard. Mr Kolupaev took the position after former crude oil head Louis Alvarez retired in 2015.

Glencore is one of the world's biggest oil traders with volumes of around 4.6 million barrels per day, according to its 2018 first-half results.

Mr Catton was at Glencore for nearly 30 years and headed the company's Singapore operations for 18 years. In 2015, he moved back to London to revamp the company's LNG business.

Mr Quek, a former Goldman Sachs and BP trader, took over from Mr Catton in Singapore and has added LNG to his responsibilities.

Mr Nathan Arentz from the gas trading division will be leading the LNG trading team out of London.


Bank of America

Bank of America Corp has added two executives to its management team to fill the role left by former global wealth management chief Terry Laughlin, who died in October, the bank said.

Mr Andy Sieg, head of Merrill Lynch Wealth Management, and Ms Katy Knox, president of Bank of America's private bank, US Trust, will be elevated to the management team and report directly to chief executive Brian Moynihan.

Ms Knox joined the wealth management business as president last year and has experience working with clients from a broad range of business segments, while Mr Sieg, who got his start as a financial analyst at Merrill in 1992, will become the first Merrill Lynch veteran raised to the top ranks of leadership since the company was acquired in 2009.

A version of this article appeared in the print edition of The Straits Times on December 10, 2018, with the headline 'On The Move'. Print Edition | Subscribe