AIG's significant leadership shakeup

American International Group (AIG) has announced that Adam Burk will be taking on additional responsibilities as the global treasurer and head of corporate development for the insurer. Burk, who currently leads the corporate development and strategy team at AIG, will now be in charge of the company's global treasury activities, including rating agency relations, banking relations, liquidity management, cash management, and capital management. Sabra Purtill, EVP chief financial officer at AIG, praised Burk as an accomplished executive within the financial realm and highlighted his contributions to strengthening AIG's balance sheet and enhancing financial flexibility.

Burk expressed his pleasure in taking on these new responsibilities and looks forward to working with teams across the organization on capital management goals and strategic initiatives. Burk has been with AIG since 2013 and has held various leadership roles within the firm, including head of corporate development, strategy, and mergers and acquisitions. He has a strong background in finance, with past roles at Morgan Stanley, Nomura, and Citigroup, as well as experience in law with Latham & Watkins.

Burk also serves on the board for K2 Integerity and Corebridge Financial. In a recent move, AIG made headlines by selling its global personal travel insurance business to Zurich. This latest role change at the top of AIG reflects the company's ongoing strategic initiatives and commitment to financial excellence.