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Management Strategies

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AIG Board Says Miller to Be Interim CEO if Benmosche's Condition Worsens

If AIG CEO Bob Benmosche's cancer were to render him unable to fulfill his duties, chairman Steve Miller would become interim CEO until a long-term replacement could be found.

In the wake of a revelation that AIG CEO Bob Benmosche has been diagnosed with cancer, the company's board of directors has said that, while Benmosche is currently feeling well and able to work a normal schedule, if that should change, chairman Steve Miller would become interim CEO until a long-term replacement for Benmosche could be found.

The board's statement notes that Benmosche had previously committed to remaining CEO until AIG completed repayment of its taxpayer obligations, a goal the board expects to be met during 2012. A review of the company's succession planning process resulted in the following determinations by the board:

“In the event that Bob would become unwilling or unable to continue to effectively serve in his current role, our Chairman, Steve Miller, would step in as interim CEO of AIG for as long as it takes to identify and select a long-term replacement for Bob.

“The Board intends to review its selection criteria for the next CEO and will continue to discuss succession planning. The choice of a long term successor to the CEO will include a fair evaluation of internal candidates as well as external candidates. The process would then be concluded when, over the next two years, it is appropriate to name Bob’s eventual successor.”

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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