Thursday, October 28, 2010

AIG sets contingency plans for CEO Benmosche

NEW YORK: The board of bailed-out insurer American International Group on Wednesday, Oct 27 said Chairman Steve Miller would become interim chief executive if CEO Bob Benmosche is sidelined by his cancer treatment.

AIG said on Monday that Benmosche had cancer and was receiving aggressive chemotherapy, but intended to stay in his job and work a full schedule. Doctors and governance experts have said he could find it difficult, however, to both run the company and pursue treatment.

AIG's board, which met Wednesday, said Miller would step in if Benmosche "would become unwilling or unable" to continue in his job. He would stay until the company found a permanent replacement in the job.

Miller is a corporate turnaround specialist who has run a number of companies and was immediately seen after Monday's news as a potential short-term CEO for AIG.

But the board also said it was comfortable with its current succession planning timetable, which contemplates Benmosche staying on until 2012. It plans to look at both internal and external candidates for the job. - Reuters

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