NEW YORK (TheStreet) -- Shares of American International Group (AIG - Get Report) are down -0.33% to $54.83 in after-hours trading.
After the closing bell on Tuesday, the insurer announced that its board named Peter D. Hancock as president and CEO effective September 1.
Hancock will also join the company's board and will succeed Robert H. Benmosche.
Benmosche and his management team have been credited with simplifying the company, and repaying its 2008 federal bailout of $182.3 billion.
He will assume an advisory role at AIG.