American International Group said Monday that it terminated Mark Lyons from his position as AIG's interim chief financial officer and executive vice president, global chief actuary and head of portfolio management after becoming aware that he violated his confidentiality/non-disclosure obligations.
These alleged violations were unrelated to the insurance giant's financial statements, financial reporting generally and related disclosure controls and procedures, or reserves, according to a company release. In recognition of Lyons' contributions to AIG since he joined the company in 2018, AIG entered into a settlement agreement with him.
AIG, which fired Lyons from his roles on Jan. 24 — two weeks after announcing his appointment as interim CFO — agreed to pay him $7.5 million as part of a settlement agreement, according to a filing with the Securities and Exchange Commission. AIG ended his employment in all other respects on Monday, and Lyons resigned from the board of directors of Corebridge Financial, AIG's recently spun off life and annuity business.
On Jan. 10, AIG announced that Lyons, who previously served as AIG's CFO, was appointed interim CFO as CFO Shane Fitzsimons, executive vice president, took a temporary but immediate medical leave of absence. Lyons took on the interim CFO job in addition to his role as EVP, global chief actuary and head of portfolio management.
Sabra Purtill has been named AIG's interim CFO, and Turab Hussain has been tapped as AIG's interim global chief actuary. Purtill previously was chief investment officer of Corebridge Financial. Before that, she served as AIG's EVP, chief risk officer and deputy CFO, the company said.
