(Bloomberg) -- American International Group Inc. said Shane Fitzsimons will become chief financial officer, replacing Mark Lyons in the position.

The change is effective Jan. 1, when Lyons will move to the newly created role of executive vice president, global chief actuary and head of portfolio management, the New York-based insurer said in a statement Monday. Both men will both continue reporting to Chief Executive Officer Peter Zaffino and remain members of AIG’s executive leadership team.

“Mark is one of the most accomplished and respected actuaries and business executives in our industry,” Zaffino said in the statement. “Serving in this new role will further strengthen our focus on high-quality underwriting excellence and portfolio positioning, which underpins AIG’s overall growth strategy. Shane is a seasoned finance and operations executive with a strong track record of success.”

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