Global insurance firm American International Group said it terminated its interim CFO, Mark Lyons, after discovering that he breached confidentiality obligations to the company.
Sabra Purtill, who previously served as chief investment officer of Corebridge Financial, has replaced Lyons as interim CFO, according to a statement released on Monday.
AIG said it entered into a settlement agreement with Lyons in recognition of his contributions to the company since joining it in 2018. He is expected to receive $7.5 million, payable in two equal installments in February, according to a Securities and Exchange Commission filing.
The news comes weeks after AIG announced that its finance chief at the time, Shane Fitzsimons, was taking a temporary medical leave of absence, with Lyons moving into the role on an interim basis, on top of continuing as global chief actuary and head of portfolio management.
The Purtill appointment was one of two leadership changes announced by the company on Monday. Turab Hussain, who previously served as AIG’s chief risk officer of general insurance, was named interim global chief actuary.
Purtill was appointed interim CFO on Jan. 25, a day after Lyons was terminated, according to the SEC filing.
"These violations were unrelated to the Company’s financial statements, financial reporting generally and related disclosure controls and procedures, or reserves," the company said in its filing.
AIG did not elaborate further on the nature of the alleged violations, and a company spokesperson didn't immediately respond to a request for comment.
Prior to serving as chief investment officer of Corebridge — which was formed as a result of a spin-off of AIG's retirement and life insurance business in 2022 — Purtill was AIG’s executive vice president and chief risk officer and deputy chief financial officer.
Before joining AIG, she held senior leadership roles in Finance and Investor Relations at The Hartford Financial Services Group Inc., Assured Guaranty Ltd., and ACE Ltd., which is now Chubb Ltd.