NU Online News Service, Jan. 25, 10:25 a.m. EST

American International Group Inc. Chief Executive Officer Robert H. Benmosche said he has received a favorable prognosis from doctors and will remain in his position with the company until his scheduled retirement sometime in 2012, when AIG expects to complete its repayment to taxpayers.

At the end of October, the chief executive announced he had cancer, at which time AIG’s board said it would come up with a contingency plan if the news concerning Mr. Benmosche’s health was worse.

While acknowledging that “nothing in life is certain,” Mr. Benmosche said he and his doctors “believe I can continue to apply the same commitment and energy to AIG over the next 12 to 18 months.”

He said in a statement, “I feel good, and I am delighted to tell you that I remain absolutely committed to continue working with the wonderful team of people at AIG on that timetable.”

The AIG board of directors said it received an update directly from Mr. Benmosche’s doctor. Robert S. “Steve” Miller said that while the board is “thrilled” with Mr. Benmosche’s prognosis, the board is “conducting an active CEO succession planning process, and we are committed to effecting an orderly leadership transition at the appropriate time.”

If things change and Mr. Benmosche does need to step down, Mr. Miller would take the role of interim CEO.

Since Mr. Benmosche revealed his cancer diagnosis, AIG has completely repaid the Federal Reserve Bank of New York, completed its recapitalization transaction with the Treasury Department, and started to access the bank and debt markets.

Special Reports /

AIG&rsquo;s Benmosche To Stay On As CEO While Treated For Cancer

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