AIG's Benmosche resigns; insurer announces new CEO

by IBO 13 Jun 2014

AIG's Benmosche resigns; insurer announces new CEO

American International Group (AIG) will be led by Peter D. Hancock from September.

Current executive vice president of AIG, Hancock will succeed Robert Benmosche, whose September 1 resignation comes earlier than expected.

The international insurer shared the news this week, with AIG Chairman Robert Miller hailing both men for their contribution to the once-embattled company.

“Under Bob’s incomparable leadership and vision, AIG has achieved remarkable, and at times, unthinkable, milestones and successes,” Miller commented.

“Bob worked tirelessly to transform AIG and position it for this next chapter: fully repaying the $182 billion of government support AIG received in 2008, plus a profit of $22.7 billion, the largest turnaround in the history of corporate America; divesting non-core assets; streamlining global operations under clear reporting lines; and finding smart opportunities to grow AIG’s business. It has been my privilege to watch, firsthand, the fruition of Bob’s philosophy: When you give people the freedom to act, and they act responsibly, they’re capable of achieving amazing things.”

On Hancock, he remarked: “Peter’s deep experience in financial services, including as a strong risk manager; his understanding of the AIG enterprise and the insurance business as a whole; his success in revitalizing AIG’s property casualty business; and his strong leadership and inclusive relationship skills position him perfectly to lead the company to an even more prosperous future.”

Benmosche, who took up the CEO role in 2009, was originally thought to be resigning in early 2015. During his time as AIG head, Benmosche paid back the US Treasury for its bailout and made several company cuts designed to streamline the business.

Benmosche is stepping down in order to spend more time with his family in Croatia. He is also currently being treated for cancer.