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AIG Hires Deputy Finance Chief

Source: Dow Jones

Posted on 03 Mar 2011

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American International Group Inc. (AIG) has hired Gamco Investors Inc. (GBL) Chief Financial Officer Jeffrey M. Farber to serve as its deputy finance chief.

Farber in his new role will provide leadership and coordination for AIG's controllership, accounting policy and tax functions, AIG said. Before his previous position, he had served as controller at Bear Steans and was an audit partner at Deloitte Touche Tohmatsu International.

Gamco had said last week Farber would leave after the company completed its annual report, to be succeeded by Robert S. Zuccaro, who had been with the company when it went public in 1999.

Insurer AIG, the recipient of a government bailout, has experienced stabilization in its continuing businesses. Last week it reported it swung to a fourth-quarter profit, helped by $17.6 billion of gains related to the sale of its divested businesses. But its core insurance businesses turned in a weaker performance during the period.