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Robert H. Benmosche, who last week came out of retirement to take over as American International Group’s fourth chief executive officer in just over a year, drew high praise from many industry observers, who nonetheless warn that he has a major salvage job ahead of him.

Mr. Benmosche, who last served as chair, president and CEO of MetLife, took the reins from Ed Liddy, the former Allstate chair and CEO. Mr. Liddy came aboard last fall to steer the troubled AIG through some rough waters after credit default swaps on securitizations of subprime mortgages in the company’s Financial Products unit nearly bankrupted the iconic firm, prompting a massive federal bailout.

Mr. Benmosche credited Mr. Liddy with stabilizing the company and implementing a strategy to repay its debt to the government. (See the story about Mr. Liddy’s farewell address to AIG on page 10.)

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