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AIG CFO Herzog Exits as Hancock Shakes Up ManagementAIG CFO Herzog Exits as Hancock Shakes Up Management

American International Group Inc., the insurer being pressured by activist investor Carl Icahn to boost returns, said Chief Financial Officer David Herzog is among top managers leaving the company as Chief Executive Officer Peter Hancock shakes up management.

Sid Sankaran, the chief risk officer, will take on the CFO role after AIG files its annual report with regulators early next year, the New York-based insurer said in a statement Thursday. Also leaving is John Doyle, head of commercial insurance, which is one of AIG’s most important businesses. Rob Schimek, who is CEO of the Americas, will take on Doyle’s role.