American International Group (AIG) has cut four executives in its real estate investment division, including Robert Gifford, the group’s chief executive officer, who has been with AIG since 2009.
The layoffs come as the New York-based insurer tries to streamline its organizational structure broadly and re-focus its investment strategies. AIG Global Real Estate, which has about $35.6 billion of assets under management, plans to decrease its Mexico investments and evaluate its foreign investment footprint. The group 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’s dismissal, the firm cut AIG Global Real Estate’s chief counsel, its head of Americas and the real estate group’s head of Mexico investments. Douglas Tymins, the president of AIG Affordable Housing, is replacing Gifford as group CEO.
With the departure of the four executives, about 200 investment management staff remain in the real estate division. The Wall Street Journal broke the story on these layoffs Thursday.
AIG announced 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,” said Peter Hancock, AIG’s president and chief executive officer, in a statement last month.
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