Luciana “Lucy” Fato, who recently held the position of vice chair at American International Group Inc. (AIG), has left the company six months after stepping down from her role as top legal officer, reports Bloomberg Law.
As indicated in a proxy statement filed by AIG, Fato’s total remuneration for 2023 was over $8.4 million. In addition to being the vice chair, Fato was one of the highest-paid legal chiefs at US publicly-traded companies.
After stepping down from her executive officer role on September 30, 2023, Patricia “Trish” Walsh, formerly of Stripe Inc., was slated to succeed Fato. However, this change never materialized due to undisclosed reasons. Instead, Rose Marie Glazer, AIG’s chief human resources and diversity officer, assumed the role of the new general counsel.
Before joining AIG as general counsel in 2017, Fato made her career in various prominent legal roles in Davis Polk & Wardwell, S&P Global Inc., and Marsh & McLennan Cos. Inc. Following her work during the pandemic, where she also acted as the global head of communications and government affairs, AIG CEO Peter Zaffino praised Fato for her substantial role in reshaping the company.
Fato left the company on March 31, 2024, with her $1 million base salary intact and eligible for the collective $6.1 million in short- and long-term incentive awards she was due for.