(Bloomberg) — Activist investor Carl Icahn, who's pushing American International Group Inc. Chief Executive Officer Peter Hancock to shrink the insurer and boost returns, said the CEO's presentation next week on his vision must offer "a drastic strategic shift."
"It would be a mistake to squander this opportunity to present a bold new strategy and instead waste investors' time providing excuses for past underperformance," Icahn said Tuesday in a letter on his website. "Even the announcement of isolated asset sales without a clear commitment to a transformative strategy would be a disappointment and further destroy value."
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