Hancock told staff in a letter last week that management has a “prudent, insightful plan” to address shareholder concerns and that employees will “continue to hear more noise in the next few days.” Jon Diat, a spokesman for AIG, declined to comment on the activist’s plan to break up the company. Icahn didn’t return a message.
Many investors could be pleased at the presentation by a two- to three-year timetable to exit SIFI status, a strategy to fix P&C operations and a plan to sell 20 percent or more of the businesses, Josh Stirling, an analyst with Sanford C. Bernstein & Co. said by phone.
“Some investors just aren’t going to be satisfied,” CreditSights’ Haines said. “I just don’t think an actual split is in the cards right now. That could be several years down the road.”