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AIG Axes Four Top Execs as Part of Massive Restructuring


Fueled by broader plans to eliminate 23% of its senior management announced last month, global insurance conglomerate American International Group (AIG) has dismissed four top execs in its global real estate group.

In addition to the real estate group’s CEO, Robert Gifford, and its chief legal counsel, the New York-based company gave pink slips to the heads of its Americas and Mexico investment divisions, The Wall Street Journal reports.

AIG’s affordable housing unit chief, Douglas Tymins, will replace Gifford, who joined the company in 2009 following its near-collapse and massive government bailout the previous year.

According to the company, AIG now has assets of more than $35B—including an office tower in Shanghai, a Memphis senior living facility, and a 36-story Embassy Suites hotel in midtown Manhattan slated to open in about a year. [WSJ]