Following reports in early December 2009 of the resignation of AIG’s chief human resources officer and member of the senior executive committee, the insurer announced that two more executives have resigned. Anastasia Kelly, vice chairman for Legal, Human Resources, Corporate Affairs, and Corporate Communications, and Suzanne Folsom, chief compliance and regulatory officer, have both left the company.
Kelly resigned for "Good Reason" under the terms of AIG's Executive Severance Plan based on the reduction in her base salary that was mandated by the Special Master for Executive Compensation for TARP Recipients, according to AIG. And Folsom reportedly left to pursue other opportunities.
Kelly joined AIG in September 2006 as general counsel, responsible for the global legal, compliance and regulatory functions. She was promoted to vice chairman earlier this year.
"On behalf of the management team, employees, and the Board of Directors, I would like to thank Stasia for her tireless service to the company," says Robert Benmosche, AIG president and CEO. "We are exceedingly grateful for the work she has done to help AIG recover from its financial crisis, and the excellent counsel she has provided the company, often during very difficult times. We wish her well in her future endeavors."
Folsom joined AIG in April 2008.
"While serving as AIG's vice president, chief regulatory and compliance officer and deputy general counsel, Mrs. Folsom worked diligently to strengthen the compliance, regulatory and governance framework of the company,” Benmosche says. “Her efforts have put AIG on a better regulatory footing. AIG is grateful for her valuable contribution and wishes her much success in her future endeavors.”
Benmosche says that AIG expects a smooth transition, and has already initiated the process to identify successors to both Kelly and Folsom. In the interim, those individuals previously reporting to Kelly will report to Benmosche.