Hancock will also join AIG’s board on that date, and in an interesting turn of phrase, Benmosche “is expected to resign from the AIG Board of Directors” on that date and assume an advisory role at the insurance giant. What happens if Benmosche decides he wants to stay?
It’s hard to argue that Benmosche’s tenure at AIG was a success. He brought the company back from a near collapse when the financial system seized up and and repaid a $182.3 billion federal bailout together with interest amounting to $22.7 billion. The U.S. sold its remaining stake in AIG in late 2012.
Hancock spent 20 years at J.P. Morgan before joining AIG in 2010 and was named as CEO of AIG Property Casualty in 2011. He will now run a company about half the size of the one that existed in 2008 after the divestitures and sales of the past several years.
AIG’s shares dropped about 0.5% in after-hours trading to $54.76 in a 52-week range of $41.53 to $55.44. The stock closed Tuesday at $55.01.
ALSO READ: Eight Companies That Owe Employees a Raise
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
