So in 2018 AIG's CEO hired his friend and a former exec at Accenture to a highly compensated exec role at AIG. His friend specialized in insurance tech at Accenture. He was supposed to turn AIG around. Then AIG hired Accenture to the tune of millions of dollars to advise their former boss how to transform AIG. This transformation has included laying off thousands of people and offshoring jobs to reduce costs. IT systems are worse today than ever at AIG. Then yesterday AIG promotes the CEO's friend to an even higher paying job while still paying Accenture millions of dollars to fill in for the problems that were caused by the layoffs and outsourcing.
On the same day, the CEO of AIG promotes his relative to Global Chief of GI and another old friend to backfill the position vacated by the promotion. At the same time the former CEO of AIG who is essentially retired is sitting on a beach raking in $20 Million a year because he hasn't officially called it quits.
Meanwhile AIG just lost $8 billion and has many more layoffs planned beginning next week and continuing into 2021 and beyond.
Yes, sounds like a typical week at AIG. Now let's all join the CEO in welcoming his friends and family to a big payday. Congrats!!!!!