AIG announces succession plan for Benmosche

NEW YORK—American International Group Inc. said Wednesday that Board of Directors Chairman Steve Miller would step in as interim CEO of the insurer if Robert Benmosche steps down due to his previously announced battle with cancer.

In a statement, board members said they remained committed to Mr. Benmosche and that they “assume” he will remain as president and CEO of the company despite his illness.

On Monday, the New York-based insurer disclosed that Mr. Benmosche had been diagnosed with cancer, but did not reveal what type and said he was undergoing chemotherapy.

The board said although Mr. Benmosche continues to perform his job and “work a normal schedule,” it wanted to review the succession process if he were to become “unwilling or unable to continue to effectively serve in his current role.”

“The board intends to review its selection criteria for the next CEO and will continue to discuss succession planning,” the board said in the statement. “The choice of a long-term successor to the CEO will include a fair evaluation of internal candidates as well as external candidates. The process would then be concluded when, over the next two years, it is appropriate to name (Mr. Benmosche’s) eventual successor.”