AIG Reviews Succession Plan After Chairman’s Latest Move

With its chairman taking a new CEO position elsewhere, American International Group has been forced to rethink its previous succession plan.

AIG CEO Bob Benmosche has been receiving treatment for cancer since late 2010. And while Benmosche continues to be in good health, AIG had put in place a contingency succession plan where chairman Steve Miller would become an interim CEO if Benmosche had to step down. But on Feb. 7, chairman Miller accepted an offer to become the new CEO at business plane maker Hawker Beechcraft, effective immediately. Miller is expected to still keep his non-executive chairman post at AIG. AIG stated that the board has an active succession planning process and will be assessing its plans in light of Miller’s announcement. Miller was named to the AIG’s chairman post in July 2010.