Peter Zaffino, CEO of insurance broker Marsh & McLennan Cos. (MMC) , will be tapped to be deputy to new American International Group Inc. (AIG) CEO Brian Duperreault, according to a report by Insurance Insider.
AIG hired Duperreault earlier this year as it looked to turn around its insurance operations following the departure of former CEO Peter Hancock.
Zaffino held various roles at Marsh, which he joined in 2001. Duperreault is also a Marsh alum, after serving as the company's CEO between 2008 and 2012.
AIG shares were down 0.8% to $62.78 in afternoon trading Wednesday.
What's Hot On TheStreet
Volvo is no longer feeling gas engines: Ford's (F) founder Henry Ford may be rolling over in his grave on this one. Volvo Cars said Wednesday that all of its cars will feature an electric engine from 2019, as it embraces of the new technology in the face of industry-wide adoption. The Swedish car maker will roll out a mix of all-electric, hybrid and mild hybrid cars from 2019 and will no longer offer vehicles that carry just a traditional internal combustion engine, TheStreet reports.
"This announcement marks the end of the solely combustion engine-powered car," said CEO Hakan Samuelsson. "Volvo Cars has stated that it plans to have sold a total of 1 million electrified cars by 2025. When we said it we meant it. This is how we are going to do it." Meanwhile, Nissan said Wednesday that its new all-electric Leaf will hit markets starting September 6.
Microsoft on the clock: With speculation swirling of impending layoffs, TheStreet takes a look back at how Microsoft CEO Satya Nadella has reshaped the tech giant. Since taking over in 2014 from the energetic Steve Ballmer, Nadella has completely reorganized Microsoft by driving better internal collaboration and via the purchase of LinkedIn. The stock market has rewarded Nadella accordingly: Microsoft shares hit an all-time high in January after better than expected earnings.
Summer paychecks for tech interns are no joke: It doesn't beat working as a summer intern for Apple (AAPL) . Apple pays an average of over $7,000 per-month in pay (plus paid overtime) for college interns, along with free housing near its San Francisco Bay-area headquarters, TheStreet reports.
Costco has been crushed: Shares of the membership club retailer have plunged 13% to $158.82 inside of a month, as investors have grown worried about a world where Amazon (AMZN) owns organic food pioneer Whole Foods (WFM) . Costco's market cap has fallen a shade more than $9 billion, TheStreet points out. The more one looks at the grocery store landscape, the stock market has good reason to be concerned about Costco's future.
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