New York-based American International Group said Tueday that its president and CEO, Robert Benmosche, is able to remain in his position at AIG on his previously announced timetable.
"My doctors believe I can continue to apply the same commitment and energy to AIG over the next twelve to 18 months," he said in a statement. "We are all very focused on positioning AIG for future growth and enhanced profitability as we continue to make substantial progress on repaying all of our government obligations – and, we continue to believe, at a profit. Most likely, I’ll return to my retirement sometime in 2012.”
Robert Miller, chairman of the AIG Board of Directors, will take over as CEO if Benmosche's health worsens, the company said in October.
"Every member of the AIG Board of Directors is thrilled with Bob’s news,” Miller says in a statement. “Bob has worked as hard as ever over the last several months, and, with the management team, shepherded AIG through its latest success: completely repaying the Federal Reserve Bank of New York and vastly simplifying the government’s investments in AIG."
With Benmosche likely to leave next year, however, Miller is focused on who will follow him then.
“The Board of course has established a succession planning process, and we remain focused on taking all the right steps to ensure management continuity," Miller continues. "The Board is conducting an active CEO succession planning process, and we are committed to effecting an orderly leadership transition at the appropriate time.”
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio