American Int’l Group Inc (AIG) announced Tuesday afternoon that one of its top executives will take over as CEO on Sept. 1, replacing Bob Benmosche.
The insurance giant named Peter Hancock, AIG’s executive VP and head of AIG Property Casualty, as his successor.
Benmosche, who took over in August of 2009 and helped the insurer repay the $180 billion bailout it received from the government, is stepping down at the end of this summer but will stay on as an adviser.
“Under Bob’s incomparable leadership and vision, AIG has achieved remarkable, and at times, unthinkable, milestones and successes,” Robert Miller, chairman of AIG’s board of directors, said in a press release Tuesday, thanking Benmosche for his years of service. “Bob worked tirelessly to transform AIG and position it for this next chapter: fully repaying the $182 billion of government support AIG received in 2008, plus a profit of $22.7 billion, the largest turnaround in the history of corporate America.”
Hancock, 55, joined AIG in February 2010 as Executive Vice President of Finance and Risk. He has spent his entire career in financial services, a career that included 20-years at JP Morgan (JPM), where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm’s CFO and CRO. Prior to joining AIG, Hancock had previously served as Vice Chairman of KeyCorp (KEY).
Mr. Hancock said, “I am deeply honored to take on this responsibility as our entire organization unites around a commitment to excellence in every aspect of our work. Under Bob’s leadership, AIG has re-emerged from crisis as a pre-eminent leader in the global insurance industry…Today, a far stronger AIG has the opportunity to extend our industry-leading positions as we continue to set new standards of quality for our customers and distribution partners worldwide.”
Shares in the $80 billion company were fractionally down in after-hours trading Tuesday.