AIG has fired its interim chief monetary officer lower than a month after giving him the place, saying he breached the insurance coverage group’s confidentiality guidelines.

Mark Lyons, who stepped into the CFO position when Shane Fitzsimons went on medical depart in early January, is leaving the corporate with a negotiated pay-off of $7.5mn, AIG stated on Monday.

In keeping with a regulatory submitting, Lyons, 66, was fired final Tuesday “after the corporate turned conscious that he violated his confidentiality/non-disclosure obligations”.

It offered no particular particulars of the violations however stated they had been “unrelated to the corporate’s monetary statements, monetary reporting typically and associated disclosure controls and procedures, or reserves”.

A authorized settlement between AIG and Lyons stated that he had not used or disclosed confidential info, “aside from with respect to the sharing of entry to company-issued communication units”.

Below the phrases of the settlement, Lyons agreed to not sue AIG over his termination. He’ll lose unvested bonuses, however be paid two lump sums of $3.75mn over the following 12 months. The corporate stated the cost was “in recognition of [his] contributions to AIG since he joined the corporate in 2018”.

Lyons was AIG’s international chief actuary and head of portfolio administration earlier than being made interim CFO this month. He had completed one stint within the CFO position, from 2018 to 2021, having joined AIG from Arch Capital.

In keeping with AIG’s most up-to-date annual report, Lyons was paid $8.8mn in 2021, $10.3mn in 2020 and $7.8mn in 2019.

AIG, below chief govt Peter Zaffino, has been persevering with with an on-off restructuring that just lately included placing its monetary merchandise group into chapter and conducting an preliminary public providing of its life insurance coverage and asset administration enterprise, which has been rebranded as Corebridge Monetary.

Lyons has additionally resigned as a director of Corebridge, the corporate stated on Monday.

AIG has appointed Sabra Purtill, Corebridge’s chief funding officer, as its new interim CFO. Turab Hussain, presently chief danger officer of normal insurance coverage, will probably be interim international chief actuary.