NU Online News Service, Aug. 10, 12:25 p.m. EDT
American International Group Inc. announced today that Robert G. Gifford has been named president and chief executive officer of AIG Global Real Estate.
The company said Mr. Gifford succeeds Jeffrey Hurd, senior vice president, head of Asset Management Restructuring and AIG chief administrative officer, who has been serving as interim president and CEO of AIG Global Real Estate.
Mr. Hurd will resume his previous responsibilities on a full-time basis.
AIG said Mr. Gifford's employment background includes 22 years with AEW Capital Management, L.P., the Boston-based real estate investment management advisor to institutional and private investors.
At AEW he was a principal holding leadership positions in acquisitions, capital markets, portfolio management and new product development. Prior to AEW, Mr. Gifford worked for The Rouse Company, a developer and owner of regional shopping centers, urban mixed-use projects and planned communities.
Paula Rosput Reynolds, AIG vice chairman and chief restructuring officer, said Mr. Gifford has "an outstanding reputation for earning the confidence of investors, including during challenging real estate market conditions."
AIG Global Real Estate invests in, develops and manages $24.3 billion of real estate in 50 countries for clients and other AIG companies.
In conjunction with the overall restructuring of AIG, the company has previously announced its intention to divest certain holdings in its real estate business and reduce its global footprint.
The divestiture has been part of the firm's continuing sale of assets to pay off the multibillion-dollar government loan package it obtained last year in exchange for providing taxpayers a 79.9 percent interest in the firm.
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