American International Group has appointed Mark Lyons to the role of executive vice-president and chief financial officer.

He succeeds Sid Sankaran, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.

Mr Lyons was previously with Arch Capital Group, where he was chief financial officer until joining AIG this year. He will serve on the AIG executive leadership team and will report directly to Brian Duperreault, CEO of AIG.

Mr Lyons will remain chief actuary, general insurance, until a successor is named.

Mr Duperreault said: “Since his arrival at AIG, Mark has made an immediate and positive impact on our company. With his proven track record as a public company CFO and his deep actuarial expertise, we are confident that he will further strengthen our financial processes and forecasting capabilities, as well as build on the progress we have made to restore AIG’s position as a growing, profitable leader in the insurance industry.”