Jacqueline McNamee, the UK chief of embattled insurer
AIG, is one of the first names to pop up in a cull of senior managers around the world as the US firm slims down.
Earlier this month AIG said it plans to cut more than 20% of executive positions at the company on the heels of a poor third-quarter performance.
President and CEO Peter Hancock said the insurer would shed 23% of its current 1,400 senior management employees in a restructuring that will emphasize efficiency. The cuts will affect roughly 300 to 400 top-level managers, such as McNamee, with more to follow in 2016.
McNamee took leadership of the UK in June 2014 after moving up from executive director of AIG's commercial lines business.
The cutbacks announcement followed a third-quarter earnings report in which the insurer reported a net loss of $231 million, down significantly from a net income of $2.19 billion during the same period last year.
Along with the job cuts, AIG plans to exit from certain low-return lines of business in order to save a projected $400 million to $500 million a year. Hancock did not specify which lines these were, but told employees he plans to “narrow our focus on businesses where we can grow profitably.”
