Report: Former MetLife CEO expected to lead AIG
American International Group Inc. is expected to name Robert Benmosche as its new CEO, The Wall Street Journal reported Monday.
Benmosche is the former chairman and chief executive of MetLife Inc.
He will replace CEO Edward Liddy, former CEO of Allstate Corp., who took over last fall after the government bailed out the New York-based insurer.
An AIG spokesman declined to comment on the report.
In May, Liddy said he would step down from the chairman and CEO roles at AIG. His announcement came at the same time the company said it would split the roles of chairman and chief executive, similar to what many other financial firms have done in recent months.
AIG has said Liddy will remain as both chairman and CEO until replacements are found.
The newspaper said AIG’s board approved the selection of Benmosche Monday morning. The Journal cited unidentified people familiar with the discussion.
“On the surface, if AIG is going to turn around its insurance business, it sounds like they are pulling from a place that there is talent,” said Russell Walker, a risk management professor at Northwestern University in Chicago.
Benmosche joined MetLife in 1995 and became the New York-based insurer’s CEO in 1998. He retired as CEO in March 2006 and as chairman later that year.
During the credit crisis last fall, the U.S. government rescued AIG from the brink of collapse with a loan bailout package worth up to $182.5 billion. The government now owns roughly 80 percent of the huge insurer. AIG is now shedding assets and cutting costs as it restructures.
Treasury spokeswoman Meg Reilly declined to comment on Monday’s report.
Benmosche will be taking over a company in flux, as AIG continues to restructure itself as a means to repay the government loan.
In recent months AIG has moved forward with plans to spin off three different divisions and has been selling assets.
Shares of AIG rose 46 cents, or 3.5 percent, to close at $13.60.
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