Peter Hancock (businessman)

Last updated

Peter Hancock
Peter D. Hancock.jpg

Peter D. Hancock is the former president and chief executive officer (CEO) of AIG. [1] He resigned his position of president on 9 March 2017.

Contents

Biography

Hancock was born in London, but raised in Hong Kong. [2] He returned to the UK to attend Oxford University, where he received a B.A. in Politics, Philosophy, and Economics. [1] [2]

Career

Hancock has spent his entire career in financial services, including 20 years at J.P. Morgan, where he founded the Global Derivatives Group in 1991. [2] He left J.P. Morgan in 2000 after serving as both chief financial officer and chief risk officer when the company merged with Chase Manhattan Bank. He then started a financial advisory firm named Trinsum with other J.P. Morgan alumni, before being recruited by KeyCorp during the financial crisis in 2008, where he became vice-chairman. [3] [4]

In 2010, at the recommendation of officials at PricewaterhouseCoopers and the Federal Reserve Bank of New York, Hancock was hired on as executive vice-president of Finance, Risk and Investments at AIG by the then-CEO, Bob Benmosche. [3] [5]

Hancock served as chief executive officer of AIG from 1 September 2014 to 9 March 2017. [6] AIG paid $67.3 million to its chief executive officers in 2017, with part of the payment going to Hancock who resigned under pressure from activist investors as his turnaround plan suffered setbacks. [7]

In March 2021, Hancock joined the board of directors of Ledger Investing. [8]

Honors

Hancock is a member of the Board of the Japan Society, [9] as well as a member of the International Advisory Board of British American Business. [10] He is also a William Pitt Fellow of Pembroke College, Cambridge. [1]

Related Research Articles

<span class="mw-page-title-main">Morgan Stanley</span> American financial services company

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">American International Group</span> American multinational finance and insurance corporation

American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2022, AIG employed 26,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

<span class="mw-page-title-main">David M. Cote</span> American businessman (born 1952)

David M. Cote is an American businessman. Cote previously worked for General Electric and TRW Inc. before he was appointed chairman and chief executive officer (CEO) of Honeywell in 2002, following their acquisition by AlliedSignal. Cote also sat on the JP Morgan Chase risk committee during the period in which the firm lost $6 billion trading credit derivatives. Cote stepped down as CEO at Honeywell at the end of March 2017 and was succeeded by Darius Adamczyk. Cote is currently the executive chairman of Vertiv.

<span class="mw-page-title-main">Gen Re</span>

General Reinsurance Corporation is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services. The company is a primarily direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices. Gen Re is a wholly owned subsidiary of Berkshire Hathaway Inc.

<span class="mw-page-title-main">Maurice R. Greenberg</span> American business executive (born 1925)

Maurice Raymond “Hank” Greenberg is an American business executive and former chairman and chief executive officer of American International Group (AIG).

Sir Roderick Ian Eddington AO FTSE is an Australian businessman.

John J. Mack is a senior advisor to the investment firm Kohlberg Kravis Roberts and the former CEO and chairman of the board at Morgan Stanley, the New York–based investment bank and brokerage firm.

Martin J. Sullivan, OBE,, is the former deputy chairman of Willis Group Holdings plc and chairman and CEO of its, Willis Global Solutions, which oversees brokerage and risk management advisory services for Willis's multinational and global accounts. He also previously served as president and chief executive officer of American International Group, Inc.

<span class="mw-page-title-main">Thomas O. Staggs</span> American business executive (born 1961)

Thomas Owen Staggs is an American business executive and investor. He is currently one of the co-founders and co-CEOs of Candle Media. He formerly worked at The Walt Disney Company for nearly 27 years, beginning in 1990, working in finance and later becoming the chief financial officer (CFO), then as chairman of Walt Disney Parks and Resorts Worldwide and finally as chief operating officer (COO). He also holds directorships on various company boards, including Spotify.

Edward "Ed" Liddy is an American businessman who was chairman of the Allstate Corporation from 1999 to 2008.

Protective Life Corporation is a financial service holding company in Birmingham, Alabama. The company's primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and services in all 50 states. As of December 31, 2022, the corporation had more than 3,700 employees, annual revenues of $6.6 billion and assets of $113.2 billion. In addition to Protective Life Insurance Company, Protective Life Corporation's subsidiaries include West Coast Life Insurance Company, MONY Life Insurance Company, Protective Life And Annuity Insurance Company, Concourse Financial Group, and Protective Property and Casualty Insurance Company.

<span class="mw-page-title-main">James P. Gorman</span> Australian-American financier (born 1958)

James Patrick Gorman is an Australian-American financier who is the former chief executive officer and current executive chairman of Morgan Stanley. Before becoming CEO, he was the Co-President and Co-Head of Strategic Planning at the firm.

<span class="mw-page-title-main">Bob Benmosche</span> American businessman

Robert Herman Benmosche was the president and chief executive officer of American International Group. He was appointed President & Chief Executive Officer by the US Department of Treasury and AIG Board of Directors to succeed Edward M. Liddy. Benmosche is known for his leadership at AIG, where he led a turnaround, improved profits 60% year over year, and paid down government aid pledged by the Bush and Obama Administrations.

<span class="mw-page-title-main">Blythe Masters</span> British economist (born 1969)

Blythe Masters is a British Private Equity executive and former financial services and fintech executive. She is a former executive at JPMorgan Chase, where she was widely credited for developing the credit default swap as a financial instrument. She is founding partner of FinTech private equity firm, Motive Partners, CEO of Motive Capital Corp, an Advisory Board Member of the US Chamber of Digital Commerce, a Board Member of GCM Grosvenor, Forge Global, CAIS Group, and Credit Suisse Group.

<span class="mw-page-title-main">Jes Staley</span> American banker

James Edward "Jes" Staley is an American banker, and the former group chief executive of Barclays. He stepped down as CEO on November 1, 2021, and was succeeded by C. S. Venkatakrishnan. Staley has nearly four decades of experience in banking and financial services. He spent 34 years at J.P. Morgan's investment bank, ultimately becoming CEO. In 2013, he moved to BlueMountain Capital, and in December 2015, became CEO of Barclays. In November 2021, Staley resigned amid a regulatory probe into whether he mischaracterized his relationship with the financier, human trafficker, and sex offender Jeffrey Epstein.

Barry L. Zubrow is an American business executive and investment banker. Spending most of his career at Goldman Sachs, including in key leadership roles, he subsequently served as the Chief Risk Officer of JPMorgan Chase during the 2008 financial crisis. He was later appointed the Head of Corporate and Regulatory Affairs at that company between January and November 2012.

<span class="mw-page-title-main">Ruth Porat</span> American businessperson (born 1958)

Ruth Porat is a British–American business executive serving as chief financial officer of Alphabet and its subsidiary Google since 2015. Prior to joining Google, Porat was the Chief Financial Officer of Morgan Stanley from January 2010 through May 2015.

<span class="mw-page-title-main">Brian Duperreault</span> American executive

Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.

<span class="mw-page-title-main">Peter Zaffino</span> American executive

Peter Zaffino is an insurance industry executive. He is the Chairman and CEO of AIG.

<span class="mw-page-title-main">Thomas A. Russo</span> American lawyer, professor, and author (born 1943)

Thomas A. Russo is an American attorney and former Wall Street executive. He served as vice chairman and chief legal officer of Lehman Brothers Holdings Inc. and as general counsel for American International Group (AIG), two of the companies central to the 2008-2009 global financial crisis.

References

  1. 1 2 3 "Management Leadership". AIG. Retrieved 8 April 2015.
  2. 1 2 3 Russolillo, Steven (10 June 2014). "Meet Peter Hancock, AIG's New CEO". Wall Street Journal. Retrieved 8 April 2015.
  3. 1 2 Ng, Serena (16 September 2011). "AIG's Man in the 'Risk' Trenches". Wall Street Journal. Retrieved 8 April 2015.(registration required)
  4. "Peter D. Hancock: Executive Profile & Biography". Bloomberg Business. Retrieved 8 April 2015.
  5. Bansal, Paritosh (8 February 2010). "RPT-AIG hiring KeyCorp exec to oversee finance, risk". Reuters. Retrieved 22 July 2015.
  6. "AIG Names Peter D. Hancock President and CEO" . Retrieved 23 July 2018.
  7. Scism, Leslie (27 March 2018). "AIG Paid $67.3 Million in 2017 to Departing CEO and His Successor". Wall Street Journal. ISSN   0099-9660 . Retrieved 23 July 2018.
  8. "Ledger Investing adds ex-AIG CEO Peter Hancock to board - Reinsurance News". ReinsuranceNe.ws. 1 April 2021. Retrieved 8 April 2022.
  9. "Japan Society 2012-2013 Annual Report" (PDF). Japan Society. Retrieved 8 April 2015.
  10. "International Advisory Board". About Us: BritishAmerican Business. Archived from the original on 9 May 2015. Retrieved 12 May 2015.
Business positions
Preceded by CEO of AIG
2014 – 2017
Succeeded by