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American International Group Inc. (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) reported that Olin Wethington, former special envoy on China, U.S. Department of the Treasury, has joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ as chairman of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Companies in China, a new position.

In this capacity, Wethington will oversee expansion of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s businesses in China. Wethington will report to ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Senior Vice Chairman Edmund S.W. Tse, and will work closely with Tse and with ÌìÃÀÍøÕ¾´«Ã½´«Ã½ President and Chief Executive Officer Martin Sullivan.

Wethington has extensive experience in government and the private sector involving China. He has served in a variety of senior positions in the U.S. Treasury Department, including special envoy on China in 2005; counselor to the Secretary of the Treasury; and assistant secretary for International Affairs.

Commenting on Wethington’s appointment, Sullivan said, “We are delighted that Olin Wethington will be joining ÌìÃÀÍøÕ¾´«Ã½´«Ã½ in such a senior position. Olin’s many accomplishments include negotiating on behalf of the U.S. government a number of financial market agreements with other countries. China is a very important market for ÌìÃÀÍøÕ¾´«Ã½´«Ã½, dating from the earliest days of the company. ÌìÃÀÍøÕ¾´«Ã½´«Ã½ re-entered the Chinese insurance market in 1992, the first foreign company to do so, and we now have extensive life and non-life insurance operations in the major Chinese cities. Going forward, we expect to grow these businesses, as well as continue to develop our financial services and asset management operations. I expect Olin Wethington to be a key leader of our expansion efforts in China.”

Topics USA China ÌìÃÀÍøÕ¾´«Ã½´«Ã½