Benmosche will stay 2 years

Robert Benmosche, who became chief executive of AIG in August expects to remain for another year or two and will help prepare the bailed-out company for his departure, Bloomberg reports.

The insurer has executives capable of replacing him, Benmosche, 65, said. Benmosche will “be around for a year or two more, and then after that the question would be working with the board on how best to deal with succession,” he said. “We are doing that now, as well as in the future.”

“Each year the demands of the job and the requirements are different as we begin to evolve from a large, giant, overleveraged company to one that is much more appropriately leveraged and a more focused company with less businesses,” Benmosche said.

When asked if Peter Hancock, who was awarded the second-highest cash salary at AIG, would be a suitable replacement, Benmosche said that he was one of “several very senior guys who would be very capable of running AIG.”