AIG has named Robert Benmosche, a former head of rival insurer MetLife, chief executive. The appointment of Benmosche, who left MetLife in 2006, fills one half of the void left by the decision by Ed Liddy to leave after less than a year at the helm. AIG is still looking for a chairman, according to a Financial Times report. Liddy, the former head of the insurer Allstate and director of Goldman Sachs, is leaving partly because of the constant barrage of criticism from lawmakers and regulators over AIG’s use of billions of dollars of taxpayers’ money. Benmosche will have to steer AIG through a complex series of disposals aimed at returning the $80 billion in funds the insurer owes the U.S. government while trying to salvage at least part of the company. “We will focus on this mission: maximizing the value of the company’s assets and meeting all of our stakeholder obligations,” Mr Benmosche, 65, said. The decision to appoint Benmosche will lead to the departure of Paula Rosput Reynolds, AIG’s chief restructuring officer.
AIG Taps Ex-MetLife’s Benmosche as CEO
The appointment of Robert Benmosche fills one half of the void left by chairman and CEO Edward Liddy.
August 4, 2009