(Bloomberg) — American International Group Inc. veteran BrianSchreiber, who shepherded multibillion-dollar deals that expandedthe company and then shrank it after the 2008 credit crisis, isdeparting as the insurer overhauls management.

Seraina Maag, who rose to oversee regional operations afterjoining in 2013, also is leaving, Chief Executive Officer PeterHancock wrote in memos to employees on Monday. The country headsthat reported to Maag will work under commercial and consumersegments, which are run by Rob Schimek and Kevin Hogan.

Much of AIG’s leadership team has disbanded since Hancock becameCEO in September 2014 and focused on shrinking and simplifying thecompany. In November, he said he would eliminate more than 20% ofthe top 1,400 senior employees, and some of the highest-ranking andlongest-serving executives later announced their departures. Thelatest exits follow a review of how the New York-based company runsoperations internationally.

“The outcome of this effort is a new organizational designstructured around clients, capabilities and market opportunities,”Hancock wrote Monday in one of the memos obtained by Bloomberg. “Itgives business leaders at different levels of the organization muchgreater end-to-end accountability for results and greatertransparency into those results.”

Additional appointments

Pressure on the CEO mounted after billionaire investors JohnPaulson and Carl Icahn called for a breakup of the insurer and AIGreported two straight quarters of losses. The company said lastweek that it would nominate Paulson and a representative of Icahn’sfirm to the insurer’s board.

On Monday, Hancock said that Jeff Hurd was named chief operatingofficer. Hurd will retain responsibilities for transformation,administration and human resources, while also overseeing corporatemarketing and communications, along with global businessservices.

Alessa Quane, who was named in December to be chief riskofficer, will report to Hancock and become a member of theexecutive leadership team, the CEO said. Maag had been a member ofthat group.

Jon Diat, a company spokesman, declined to elaborate on thememos. Initial exits under Hancock included Jay Wintrob, who ledthe life insurance division. Two months ago, Hancock announced thedepartures of Chief Financial Officer David Herzog and John Doyle,head of commercial insurance.

Outlasting CEOs

Schreiber joined under then-CEO Maurice “Hank” Greenberg in 1997and helped build the company through acquisitions including the2001 purchase of American General Corp. for more than $20 billion.The former Lehman Brothers Holdings Inc. banker’s AIG careersurvived four more CEOs, including Robert Benmosche, who namedSchreiber in 2009 to lead asset sales and then shifted him in 2013to an investment-management role. The company repaid a governmentbailout in 2012, producing a more-than $22 billion profit fortaxpayers.

Hancock named Schreiber strategy chief last year, which helpedclear the path for Doug Dachille, the CEO’s former J.P. Morgan& Co. colleague, to became AIG’s chief investment officer. Therole gave Schreiber oversight of global planning, communications,divestitures and mergers and acquisitions.

Hancock’s emphasis turned to further asset sales, a focus thatintensified under pressure from Icahn and Paulson. The planoutlined by the CEO on Jan. 26 envisions returning $25 billion toshareholders over two years, with as much as $7 billion of that sumcoming from divestitures and at least $4 billion from lifereinsurance deals.

“I have served AIG with dedication and distinction for nearlytwo decades,” Schreiber said in an e-mailed statement on Monday.“With AIG’s strategy developed and moving forward, I now havedecided to pursue new opportunities.”

‘Courage’ cited

Maag didn’t immediately respond to a LinkedIn message seekingcomment. Hancock credited her for having “the courage” to proposechanges while reviewing how her group would fit into a revisedstructure. She’ll leave after helping integrate businesses, hesaid.

Maag, who grew up in Switzerland, is a director at Credit SuisseGroup AG. She joined AIG three years ago to lead the Europe, MiddleEast and Africa region after running North America property &casualty at XL Group Plc.

Related: AIG names John Paulson and Icahn ally Merksamer toboard

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