AIG Lands KeyCorp Executive

NEW YORK (TheStreet) -- American International Group(AIG) has poached a new senior executive from KeyCorp(KEY) to take on key finance responsibilities.

The company on Monday announced the immediate resignation of Peter Hancock, Key Corp's vice chairman. Hancock was responsible for the company's national banking business groups and joined the company in Dec. 2008. He will now be signing on with AIG as the company's executive vice president, finance, risk and investments.

KeyCorp's chief, Henry Meyer, credits Hancock for leading efforts to rebalance the company's business mix, tighten its focus on market opportunities with the best intrinsic value and further its ability to meet clients' needs, all in the midst of one of the most tumultuous periods of financial disruption.

"This opportunity for Peter is one of tremendous importance to AIG and to our country's financial system," Meyer said.

In an effort to re-emerge afresh from its recent history of horror, AIG on Feb. 2 announced that it has appointed six executives to key company positions, in the legal, internal auditing, human resources, talent strategy, administrative officer and communications capacities.

AIG stock has slid 1.2% to $22.68 at midday Monday, while KeyCorp has dropped 0.9% to $6.95.

Other insurance stocks are also in the red, with MetLife(MET) down 0.6% to $34.48 and CNA Financial(CNA) down 2% at $23.12.

-- Reported by Andrea Tse in New York

RELATED STORIES:

>>AIG Appoints Six Senior Executives

>>See our new stock quote page.

Follow TheStreet.com on Twitter and become a fan on Facebook.

>To order reprints of this article, click here: Reprints