Jan 30, 2023
AIG Says Interim CFO Lyons Fired Over Confidentiality Breach
(Bloomberg) -- American International Group Inc. said it fired interim Chief Financial Officer Mark Lyons on Jan. 24 for violations of “confidentiality/non-disclosure obligations.”
Sabra Purtill was named interim CFO, the New York-based insurer said Monday in a statement. Lyons was also removed from the role of executive vice president, global chief actuary and head of portfolio management. Turab Hussain was named interim chief actuary. AIG didn’t provide further details about the reasons for Lyons’s departure.
“These violations were unrelated to the company’s financial statements, financial reporting generally and related disclosure controls and procedures, or reserves,” the insurer said.
Lyons, 66, was elevated to the interim CFO role earlier this month as CFO Shane Fitzsimons went on temporary medical leave. He joined the company in 2018, becoming CFO in December of that year before ceding the role to Fitzsimons in 2021.
Lyons didn’t immediately return phone and email messages requesting comment.
Lyons will be paid $7.5 million in cash in two equal installments as part of a settlement agreement, AIG said. He also resigned from the board at Corebridge Financial Inc., a life insurer AIG spun off last year, according to the statement.
(Updates with Hussain, payment, settlement details starting in second paragraph.)
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