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
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.