The removal of American International Group Inc (NYSE:AIG) CEO Peter Hancock is broadly negative for the company according to a flash research note on the topic from RBC Capital Markets. The insurance giant said today that Peter Hancock will step down as questions about his ability to steer the business through its continued restructuring remain. The CEO’s two-year turnaround plan appears to be faltering after AIG reported a unexpectedly large quarterly loss for the fourth quarter of last year, mainly due to a $5.6 billion reserve charge to cover possible future claims. Hancock had promised to return $25 billion to…
RBC: AIG CEO Departure Is Bad News For Shareholders
Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for ValueWalk