NU Online News Service, Jan. 25, 10:25 a.m. EST
American International Group Inc. Chief Executive Officer Robert H. Benmosche said he has received a favorable prognosis from doctors and will remain in his position with the company until his scheduled retirement sometime in 2012, when AIG expects to complete its repayment to taxpayers.
At the end of October, the chief executive announced he had cancer, at which time AIG’s board said it would come up with a contingency plan if the news concerning Mr. Benmosche’s health was worse.
While acknowledging that “nothing in life is certain,” Mr. Benmosche said he and his doctors “believe I can continue to apply the same commitment and energy to AIG over the next 12 to 18 months.”
He said in a statement, “I feel good, and I am delighted to tell you that I remain absolutely committed to continue working with the wonderful team of people at AIG on that timetable.”
The AIG board of directors said it received an update directly from Mr. Benmosche’s doctor. Robert S. “Steve” Miller said that while the board is “thrilled” with Mr. Benmosche’s prognosis, the board is “conducting an active CEO succession planning process, and we are committed to effecting an orderly leadership transition at the appropriate time.”
If things change and Mr. Benmosche does need to step down, Mr. Miller would take the role of interim CEO.
Since Mr. Benmosche revealed his cancer diagnosis, AIG has completely repaid the Federal Reserve Bank of New York, completed its recapitalization transaction with the Treasury Department, and started to access the bank and debt markets.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
