American International Group's executive chairman, Peter Zaffino, is stepping down from the insurer's board and will join data-analytics company Palantir Technologies as global head of financial services.

AIG on Wednesday said Zaffino will leave the board on Sept. 15, and that John Rice, a board member since March 2022 who currently serves as the New York company's lead independent director, will succeed him as chairman.

Zaffino, who earlier this year retired as AIG's chief executive, will become a senior adviser, the company said.

Palantir said Zaffino will join the Aventura, Fla., company in January, and that it expects the executive will 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.

Zaffino, who joined AIG in 2017, has been chairman since 2022 and had been CEO since 2021 before handing the reins to Eric Andersen on June 1.