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Member, Beacon International Group, Ltd.
NEW YORKAmerican International Group Inc. has appointed former MetLife Inc. chief Robert Benmosche as its new president and chief executive officer.
AIG said in a statement that its board has named Mr. Benmosche, former chairman and CEO of MetLife, to succeed Edward Liddy, who will retire from the embattled New York-based insurer on August 10.
“AIG and American taxpayers are fortunate to gain the commitment of Bob Benmosche, a highly experienced executive who understands the challenges and opportunities of restructuring complex organizations,” Mr. Liddy said in a statement.
AIG also announced that Paula Rosput Reynolds, vice chairman and chief restructuring officer, will leave the company in the third quarter of 2009.
“Paula has played an instrumental role in our progress, having divested operations around the world and implemented a durable, long-term restructuring plan that has stabilized the company and provided time for asset values to recover,” Mr. Liddy said.
Mr. Benmosche, who has also been named to AIG’s board, joined MetLife in 1995 and became its CEO in 1998, leading the insurer through its transition from a mutual to a private insurer in 2000, AIG said in a statement. He retired as CEO in 2006 and as chairman later that year.
He will be AIG's sixth chief executive since 1919 and its fourth in two years. Mr. Liddy took the position during the federal bailout in September 2008 by the Federal Reserve Board, replacing Robert B. Willumstad. Mr. Willumstad had been installed as CEO in June 2008 after the ouster of former chief Martin J. Sullivan. Mr. Sullivan replaced longtime chairman and CEO Maurice R. Greenberg in 2005. AIG's only other chief has been company founder Cornelius Vander Starr.