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Hancock will remain CEO until a successor has been named, the
company said.
The Wall Street Journal reported last month that the company's
board was discussing whether to penalize or oust Hancock over a
major setback in the insurer's turnaround plan.
Tensions between Hancock and Icahn began to mount after the CEO
rebuffed the activist investor's proposals. Icahn has also
threatened a proxy fight at AIG.
"We fully support the actions taken today by the board of AIG,"
Icahn tweeted on Thursday.
Icahn has argued that a split would help AIG rid itself of the
regulatory burden of being a systemically important financial
institution, which requires higher capital cushions.
"Without wholehearted shareholder support for my continued
leadership, a protracted period of uncertainty could undermine
the progress we have made and damage the interests of our
policyholders, employees, regulators, debtholders, and
shareholders," Hancock said in a statement.
Hancock was named president and chief executive officer in
September 2014.
AIG's shares rose 2.4 percent in premarket trading.
(Reporting by Nikhil Subba in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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