AIG CEO to remain in position following treatment for cancer

American International Group (AIG) announced today that its president and chief executive Robert Benmosche is expected to be fully able to remain in his position at AIG following a good health prognosis after treatment for cancer.

Benmosche said:“I feel good, and I am delighted to tell you that I remain absolutely committed to continue working with the wonderful team of people here at AIG on that timetable.

“We are all very focused on positioning AIG for future growth and enhanced profitability as we continue to make substantial progress on repaying all of our government obligations – and, we continue to believe, at a profit. Most likely, I’ll return to my retirement sometime in 2012.”

Robert S. “Steve” Miller, Chairman of the AIG Board of Directors said: “Bob has worked as hard as ever over the last several months, and, with the management team, shepherded AIG through its latest success: completely repaying the Federal Reserve Bank of New York and vastly simplifying the government’s investments in AIG."

Miller said the board was conducting an active chief executive succession planning process, and were “committed to effecting an orderly leadership transition at the appropriate time.”

AIG Board of Directors also has agreed that its chief executive succession contingency plan remains the same as announced on October 27, 2010: in the event that Benmosche becomes unable to continue in his current role, Miller would step in as interim chief executive of AIG for as long as it takes to identify and select a long-term replacement for Benmosche.