American International Group VALIC today named Greg Garvin the Executive Vice President of Independent Distribution.
Delving into Garvin's background, the new exec has served as President of Security Distributors, a subsidiary of Security Benefit Life Insurance Company, as well as President of the Institutional Marketing Group. He has also held office of VP at Providian Capital Management, and lays claim to the title of President and Founding Officer of Goldome Agency. Garvin's office walls are decorated with a BA in Accounting and Finance from Siena College in New York, as well as a Certified Public Accountant (CPA) license.
Shareholders of the blue-chip -- the national leader in retirement plan services -- have been rather lethargic in responding to the news. Since the stock's 10-day and 20-day moving averages made a bearish cross in mid-October, shares have shed more than a quarter of their worth. Today's executive addition hasn't helped the beleaguered equity pare its losses; before the close, the stock is trading at $52.77, down almost half a percent and flirting less than 2 points above its annual low.