AIG’s Benmosche, Responding Well to Cancer Treatment, to Stay as CEO

January 24, 2011

American International Group Inc. (AIG) said that CEO Robert H. Benmosche’s prognosis for his cancer is such that he is expected to be able to remain in his position at AIG on his previously announced timetable, which would have him retiring sometime in 2012.

AIG revealed in October that its 66-year-old CEO had cancer and was undergoing chemotherapy.

Benmosche took over as CEO in August 2009 when AIG was struggling to sell assets to repay the U.S. government for its $180 billion bailout.

Benmosche said he his doctors believe he is responding well to treatment and that he can continue in his job.

“As we all know, nothing in life is certain, but given that I’ve responded very well to my treatment, my doctors believe I can continue to apply the same commitment and energy to AIG over the next 12 to 18 months,” he said in a statement.

The AIG board of directors has previously agreed that in the event that Benmosche becomes unable to continue to effectively serve in his current role, Robert S. “Steve” Miller, chairman of the AIG board, would step in as interim CEO of AIG for as long as it takes to identify and select a long-term replacement for Benmosche.

U.S. Treasury Secretary Tim Geithner released a statement on the news of Benmosche’s prognosis and plan to stay on. “We are very pleased for Bob and look forward to continuing to work with him as AIG seeks to repay the balance of the taxpayers’ investment,” Geithner said.

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