NEWS
AIG appoints Roshan Navagamuwa as EVP and CIO
Roshan Navagamuwa , EVP and CIO , AIG
Peter Zaffino , AIG Chairman and CEO , said : “ Roshan is an accomplished technology executive with an impressive track record of innovating software development and managing through complex organizational change . His deep expertise and broad management experience will be an asset as we continue to strategically deploy technology to advance our next phase of growth .”
Navagamuwa said : “ I am very proud to join AIG , an iconic company that has accomplished a remarkable business turnaround . I look forward to working with Peter and the collaborative world-class team he has assembled .”
Navagamuwa joins AIG from CVS Health where he was EVP and CIO .
Roshan Navagamuwa has joined AIG as EVP and CIO . As CIO ,
Navagamuwa will be responsible for AIG ’ s global technology and cybersecurity strategy , managing core infrastructure , technology partnerships and process engineering efforts and lead AIG ’ s cloud strategy along with other modernization technologies .
Earlier in his career , he held successive leadership roles in Aon ’ s Global IT division . As part of an established succession plan , John Repko , steps down from his EVP / CIO role with AIG and will serve as a Senior Advisor to assist with the transition of the CIO role and advise on various technology related initiatives .
Zaffino said : I am very grateful to John for the significant progress we made in our technology capabilities and for his commitment to AIG during a period of profound change and improvement .”
‘ Big Five ’ tech giants added $ 3.9T to their stock value in 2023
After losing hundreds of billions of dollars in 2022 , the thirdhardest year for the tech sector since 2008 , the tech giants showed impressive performance in 2023 .
According to data presented by Stocklytics . com , Apple , Microsoft , Alphabet , Amazon and Meta have collectively added $ 3.9trn to their stock value in 2023 – the highest figure in the market ’ s history .
Tech stocks have dominated the 2023 stock market performance . The rise of AI , combined with the improving economy and slowing inflation , has helped the sector come into the spotlight , with many investors jumping back on the tech train .
The Nasdaq jumped 32 % in the first six months of the year , powered by Apple ’ s rally and Nvidia ’ s boom , marking its best first half in the past 40 years .
After losing two-thirds of its stock value in 2022 , Meta ’ s market cap has surged by 188 % year-over-year – the biggest increase among the Big Five tech giants . In December 2022 , Meta ’ s stock value was $ 315.5bn , and now it ’ s over $ 908bn .
Amazon witnessed the second-largest increase of 84 %, Driving its market cap to over $ 1.5 trillion – the figure last seen in mid-2022 .
But the tech stock ’ s price rally has continued ever since , helping the largest players in the market to add trillions of dollars to their stock values .
Statistics show Microsoft ’ s and Alphabet ’ s market caps jumped by 55 % year-over-year , helping the two companies add more than $ 1.6trn in value .
The YCharts data also show Meta was the best performer in the Big Tech group .
Apple stocks have jumped 45 % since last December , surpassing $ 3trn in market cap .
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