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AIG’s exit list grows as Asia Pacific CEO walks

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AIG’s Asia Pacific CEO Sachin Shah has left the company “to pursue other opportunities”, one year after he took on the position in January 2019.

The insurer confirmed his departure in a statement today to insuranceNEWS.com.au.

He is the latest senior executive to leave the business following the departure earlier this month of his immediate boss, International General Insurance CEO Chris Townsend, who left for similar reasons.

Mr Shah was running Met Life Japan when he was recruited by Mr Townsend, who ran MetLife’s Asian operations until he rejoined AIG in October 2017.

Noel Condon, who reported to Mr Shah, left as CEO Australia last month and Fairfax Financial executive Nigel Fitzgerald was named as his replacement.

CEO Middle East and Africa Steven Barnett will immediately take over the role vacated by Mr Shah and will report to acting International General Insurance CEO Lex Baugh. Mr Barnett will be based in Singapore.

Mr Baugh says Mr Barnett has been with AIG for almost 30 years, holding a number of leadership roles, including as CEO Korea and CEO Thailand, making him well placed to run the Asia Pacific business.

AIG has also announced it would not be renewing its global sponsorship of the New Zealand All Blacks rugby union team when the current contract expires at the end of next year.

The insurer has been the major sponsor of the team since 2012.