Joe C.H. Johnson is stepping down as president and CEO of American International Company Ltd. (AICO) after 50 years with the company.

He joined AICO on December 1, 1954 and has held the top posts for the past 26 years. Mr. Johnson, who turned 67 in September this year, will continue his association with the company as chairman of the board of the American International Companies in Bermuda.

His successor is Bermudian S. George Cubbon, who joined American International in 1981. Mr. Cubbon, who has a Bachelor of Engineering degree and is a Chartered Management Accountant, has been executive vice president and CFO of AICO since 2003.

AICO has been incorporated in Bermuda since 1947 and is a wholly owned subsidiary of American International Group, Inc. (AIG). AIG is the world's leading international insurance and financial services organisation, with operations in more than 130 countries and jurisdictions.

AICO also announced a series of other changes to its staff roster in a Press release last evening.

Effective January 1, 2005 George Dove, vice president of human resources and international payroll, will be promoted to senior vice president. Ralph Rathjen will be promoted from vice president actuarial to senior vice president actuarial. Janis Dunstan will rise from vice president of Information Technology to senior vice president - chief information officer. Barbara Ryan will be promoted to vice president of information technology while Crystal Aming and Deanna Durham will both be promoted to assistant vice presidents of human resources.