American International Group says Peter D. Hancock will becomepresident and CEO effective Sept. 1, succeeding Robert H.Benmosche.

The company says Benmosche is expected to resign from the AIGboard of directors and assume “an advisory role at AIG,” whichincludes advising the next CEO and staying involved in “AIG'sinternal leadership development programs, as well as mentor andcoach AIG managers.”

Hancock, currently AIG executive vice president, AIG, and CEO ofAIG Property Casualty, will join the board on Sept. 1.

Robert S. Miller, chairman of AIG's board of directors, says, “Iwould like to extend my sincere gratitude and appreciation to BobBenmosche for all that he has done at AIG. Under Bob's incomparableleadership and vision, AIG has achieved remarkable, and at times,unthinkable, milestones and successes.

“Bob worked tirelessly to transform AIG and position it for thisnext chapter: fully repaying the $182 billion of government supportAIG received in 2008, plus a profit of $22.7 billion, the largestturnaround in the history of corporate America; divesting non-coreassets; streamlining global operations under clear reporting lines;and finding smart opportunities to grow AIG's business. It has beenmy privilege to watch, firsthand, the fruition of Bob's philosophy:When you give people the freedom to act, and they act responsibly,they're capable of achieving amazing things.”

Regarding Hancock, Miller says, “Peter's deep experience infinancial services, including as a strong risk manager; hisunderstanding of the AIG enterprise and the insurance business as awhole; his success in revitalizing AIG's property casualtybusiness; and his strong leadership and inclusive relationshipskills position him perfectly to lead the company to an even moreprosperous future.”

Hancock says, “I am deeply honored to take on thisresponsibility as our entire organization unites around acommitment to excellence in every aspect of our work. Under Bob'sleadership, AIG has re-emerged from crisis as a pre-eminent leaderin the global insurance industry. In just under five years, Bobtransformed AIG's culture into one that fosters empowerment andtenacity, reinvigorating our employees around the world andenabling them to achieve the impossible.”

Hancock joined AIG in 2010.

Benmosche was named CEO in 2009, succeeding Edward Liddy, whohad become CEO in 2008 as part of the changes the Federal ReserveBoard ordered in its decision to loan AIG up to $85 billion for upto two years to resolve a liquidity crisis.

Under Benmosche, AIG paid back the Treasury in September 2012.He said at the time, “The people of AIG never lost faith, keptworking and are grateful for being given the chance to make good onthis goal.”

In March, Benmosche told Fox Business Network that AIG was focusing on evaluatingcurrent personnel for a successor, after he had stated earlier heplanned to leave the company in early 2015. He suggested thecompany also take a look at external candidates to ensure AIG hasthe right leadership to succeed him in running such a “large andcomplex company.” He also noted the “company is clearly on the wayup” as it continues to gain strength from its near-death experiencein 2008.