American International Group Inc. (AIG) named Oliver Wyman Financial Services' Sid Sankaran to be its new chief risk officer.
Mr. Sankaran, a partner in the finance and risk practice and head of the Toronto office at Marsh & McLennan Cos.' unit Oliver Wyman, succeeds Robert Lewis, who last month announced his plans to retire.
Mr. Sankaran had served since 2006 as Canadian market manager and recently was a member of that company's global management committee, working for the past five years with financial-services executives on risk-management issues.
Mr. Sankaran "comes to AIG with the broad-ranging risk-management experience that an enterprise of this scope must have," said Chief Executive Robert Benmosche. "Now is the time to concentrate on re-establishing AIG as a world-class insurance organization. Risk management is crucial to that task."
Mr. Lewis joined AIG in 1993 and had been AIG's chief risk officer since July 2004, having been appointed to that role by then-CEO Maurice R. "Hank" Greenberg. He kept the job under Mr. Greenberg's four successors, including through AIG's near-collapse and government bailout in 2008.
When he departs, Mr. Lewis will receive 24 months of severance payments, according to the terms of the company's executive severance plan, a person familiar with the matter told The Wall Street Journal last month.