American International Group Inc (AIG) said on Wednesday that board chairman Steve Miller would become interim CEO until a long-term replacement was named if that action becomes necessary.
The company announced on Monday that CEO Robert Benmosche had cancer and was undergoing chemotherapy.
The board said it will review its selection criteria for the next CEO and will continue to discuss succession planning.
AIG says Benmosche feels fine and continues a normal schedule, and it’s planning on him remaining in the CEO position until his previously planned departure in 2012.
Benmosche has committed to stay until AIG completes repayment of its taxpayer obligations.
AIG was one of the financial companies hardest hit by the credit crisis and received the largest bailout the US government doled out.
The company received US$182 billion from the government and announced on Sept. 30 that the US Treasury would swap its majority stake in the company for common stock and then sell those shares over time.
The board released a statement that said it is comfortable with its current succession plan timetable, but in light of Benmosche’s health condition, it decided to review the process.
“In the event that Bob would become unwilling or unable to continue to effectively serve in his current role, our chairman, Steve Miller, would step in as interim CEO of AIG for as long as it takes to identify and select a long-term replacement for Bob,” the statement said.
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