Why AIG Stock Tumbled by Almost 8% Today
Investors clearly weren't feeling all that secure about American International Group (NYSE: AIG) stock on Tuesday. After all, they traded out of the big insurer to the point where it closed nearly 8% lower in price. Much of this was due to a major development in the company's C-suite.
Before market open that day, AIG announced that its CEO and chairman of the board of directors, Peter Zaffino, is stepping down from the former position. He aims to do this by mid-year; however, the company did not provide a more specific time frame. At that point, Zaffino's goal is to transition to being only the executive chairman of the board.
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Source Fool.com
American International Group Inc. Stock
€61.89
-0.290%
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