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AIG to Review Succession Plan after Chairman Accepts Job at Airplane Maker

Source: Dow Jones

Posted on 08 Feb 2012

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American International Group (AIG) will be reviewing its succession plans after Chairman Steve Miller accepted a job as the chief executive of an airplane maker, the company said on Tuesday.

AIG CEO Bob Benmosche has been in treatment for cancer since late 2010. Miller was to become interim CEO if Benmosche were unable to continue with the job. But today, business plane maker Hawker Beechcraft named turnaround expert Miller its chief executive, effective immediately.

"The board has an active succession planning process and will be assessing its plans in light of Mr. Miller's announcement," AIG said in a statement, adding that he will remain chairman of the board.

AIG's succession plan was a hot topic in late 2010 and early 2011 as the company tried to execute a recovery plan following its $182 billion government rescue. Benmosche has been widely acknowledged as key to that plan.

But he has remained in good health and has indicated a desire to remain with the company and in the job, making succession less of an issue.

Miller is one of the most heralded turnaround experts in the country, having led companies like Delphi Corp, Bethlehem Steel and Waste Management in recent decades.