American International Group Inc. (NYSE: AIG) has announced an update on CEO Robert Benmosche’s battle against cancer. Mr. Benmosche should be able to fully remain in his position at AIG and on his previously announced timetable.
Benmosche’s doctors gave an encouraging prognosis and he has responded very well to treatment. Most importantly is the quote from Benmosche saying, “My doctors believe I can continue to apply the same commitment and energy to AIG over the next twelve to 18 months. I feel good… I remain absolutely committed… We are all very focused on positioning AIG for future growth and enhanced profitability… Most likely, I’ll return to my retirement sometime in 2012.”
The board of directors also has agreed that its CEO succession contingency plan remains the same as announced on October 27, 2010. In the event that Mr. Benmosche becomes unwilling or unable to continue to effectively serve in his current role, 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 Mr. Benmosche.
AIG shares closed down 2.4% at $41.95 on Monday and shares are trading around $42.10 in the after-hours session.
JON C. OGG
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