NEW YORK (Bloomberg) — American International Group veteran Brian Schreiber, who shepherded multibillion-dollar deals that expanded the company and then shrank it after the 2008 credit crisis, is departing as the insurer overhauls management.

Seraina Maag, who rose to oversee regional operations after joining in 2013, also is leaving, chief executive officer Peter Hancock wrote in memos to employees on Monday. The country heads that reported to Maag will work under commercial and consumer segments, which are run by Rob Schimek and Kevin Hogan.

Much of AIG’s leadership team has disbanded since Hancock became CEO in September 2014 and focused on shrinking and simplifying the company. In November, he said he would eliminate more than 20 per cent of the top 1,400 senior employees, and some of the highest-ranking and longest-serving executives later announced their departures. The latest exits follow a review of how the New York-based company runs operations internationally.

“The outcome of this effort is a new organisational design structured around clients, capabilities and market opportunities,” Hancock wrote on Monday in one of the memos obtained by Bloomberg. “It gives business leaders at different levels of the organisation much greater end-to-end accountability for results and greater transparency into those results.”

Pressure on the CEO mounted after billionaire investors John Paulson and Carl Icahn called for a break-up of the insurer and AIG reported two straight quarters of losses. The company said last week that it would nominate Paulson and a representative of Icahn’s firm to the insurer’s board.

On Monday, Hancock said that Jeff Hurd was named chief operating officer. Hurd will retain responsibilities for transformation, administration and human resources, while also overseeing corporate marketing and communications, along with global business services.

Alessa Quane, who was named in December to be chief risk officer, will report to Hancock and become a member of the executive leadership team, the CEO said. Maag had been a member of that group.