American International Group Inc (NYSE:AIG) appointed Brian Schreiber following the company’s decision to widen its market reach through acquisitions.
After many years dealing with asset sales to service one of its massive credits the American insurance company has finally decided to follow the market trend. The trend involves placing some of its attention and resources on mergers and acquisitions.
The company selected Schreiber based on his prolific skills in deal making. The 49 year old will take up the position of the Chief Strategy Officer where his job description will involve management of issues relating to mergers and acquisitions. He will also handle divestures, communications and global planning.
Schreiber will report to his direct superior, Peter Hancock who is AIG’s Chief Executive Officer. The new CSO will also work hand in hand with CFO David Herzog to handle investor relations. AIG is now trying to speed up acquisition processes and decisions. At the beginning of the first quarter, Hancock revealed a contract for the acquisition of Laya Healthcare. The acquisition is part of the company’ strategy to expand its operations into Ireland.
Hancock has been handling acquisitions in the past. One of the projects in which he was involved in was the $23 billion acquisition of American General Corp which took place in 2001. As the company plans on increasing the pace for mergers and acquisitions, the work load will increase thus the need for additional specialized hands on the matter.
Schreiber has expressed his leadership capabilities in multiple situations when the company was at low points. His skills particularly shone in transactional and operating positions in his career at AIG. Hancock also said in a statement that his devotion and knowledge of the company made him an ideal candidate for the position.
Schriber recently worked as the assistant chief investment officer, where he handled a portfolio of $200 million. He was shortlisted for his new position two years ago and has handled other divisions ranging from hedge funds, private equity and real estate.