American International Group, Inc. (AIG) confirmed that its board of directors has elected Robert H. Benmosche as president and chief executive officer as previously reported..
Benmosche was also elected a member of the board of directors and will assume his new roles on Aug. 10, 2009, with the retirement of current Chairman and Chief Executive Officer Edward M. Liddy.
“AIG and American taxpayers are fortunate to gain the commitment of Bob Benmosche, a highly experienced executive who understands the challenges and opportunities of restructuring complex organizations,” Liddy said. “Our stakeholders can look forward to a seamless transition and rest assured that the work of rebuilding the value of AIG’s businesses and repaying the government will continue uninterrupted.”
In addition, the company announced that Paula Rosput Reynolds, vice chairman and chief restructuring officer, has decided to leave the company effective late in the third quarter of 2009.
Liddy said that Reynolds, a former Safeco CEO, “has played an instrumental role in our progress, having divested operations around the world and implemented a durable, long-term restructuring plan that has stabilized the company and provided time for asset values to recover.”
Benmosche, 65, is former chairman, president, and CEO of MetLife, Benmosche led the transition of MetLife from a mutual to a public company in 2000. He joined MetLife in 1995 as executive vice president responsible for business integration and product development, marketing and sales efforts focused on MetLife’s individual customers.
Earlier in his career he served as executive vice president for PaineWebber, Inc., where he directed the merger of Kidder Peabody into PaineWebber. He also served in various capacities with Chase Manhattan Bank from 1976 to 1982.
Benmosche has served as a member of the board of directors of Credit Suisse Group since 2002.
He served as a Lieutenant in the United States Army from 1966 to 1968. He received a B.A. degree in Mathematics from Alfred University in 1966.