NEW YORK CITY—American International Group has cut four executives from its real estate investment division, including Robert Gifford, the group's CEO, who has been with AIG since 2009, according to PERE. Douglas Tymins, the president of AIG Affordable Housing, is replacing Gifford.
The layoffs come as the New York-based insurer works to streamline its organizational structure broadly and re-focus its investment strategies. AIG Global Real Estate—which has nearly $36 billion of assets under management—intends to decrease its Mexico investments and evaluate the remainder of its foreign investment. The firm invests in the US, Mexico, Europe and Asia, with assets ranging from 106,000 multifamily units in the US to a shopping mall in Budapest.
In addition to Gifford, the firm cut AIG Global Real Estate's chief counsel, its head of Americas and the real estate group's head of Mexico investments. With the departure of the four executives, about 200 investment management staff remain in the real estate division.
AIG revealed in its third-quarter earnings call last month that it was planning to cut 23 percent of its senior leadership group, a pool of about 1,400 executives. The firm also said it planned to announce further reductions in 2016.
"This quarter's restructuring actions mark the latest significant, visible steps in our transformation toward becoming more efficient, less complex, and able to respond to our clients' needs with greater agility," adds Peter Hancock, AIG's president and CEO.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
