Peter Zaffino is stepping down as chairman of American International Group and will join data-analytics company Palantir Technologies as global head of financial services. Zaffino will leave the AIG board on Sept. 15, the New York company said Wednesday. John Rice, AIG's lead independent director since March 2022, will succeed Zaffino as chairman. Earlier this year, Zaffino retired as AIG's chief executive, a role he held since 2021 before handing the reins to Eric Andersen on June 1. Zaffino, who joined AIG in 2017, will become a senior adviser to the insurer. Palantir said Zaffino will join the Aventura, Fla., company in January and is expected to drive growth across its financial-services business, including insurance companies, banks, asset managers, private-equity firms and other financial institutions. Palantir earlier this month raised its full-year outlook after reporting that its revenue nearly doubled in the second quarter. The executive moves come as both companies navigate shifting dynamics in financial services and data analytics.

Zaffino's departure marks the latest leadership change at AIG, which has been restructuring its board and executive team. His transition to Palantir underscores growing ties between traditional insurers and data-analytics firms seeking to expand their financial-services footprint.

Rice's appointment as chairman reflects AIG's ongoing governance updates, with the board aiming to maintain stability during the leadership transition.