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

The company says Benmosche is expected to resign from the AIG board of directors and assume “an advisory role at AIG,” which includes advising the next CEO and staying involved in “AIG's internal leadership development programs, as well as mentor and coach AIG managers.”

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

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

“Bob worked tirelessly to transform AIG and position it for this next chapter: fully repaying the $182 billion of government support AIG received in 2008, plus a profit of $22.7 billion, the largest turnaround in the history of corporate America; divesting non-core assets; streamlining global operations under clear reporting lines; and finding smart opportunities to grow AIG's business. It has been my 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 in financial services, including as a strong risk manager; his understanding of the AIG enterprise and the insurance business as a whole; his success in revitalizing AIG's property casualty business; and his strong leadership and inclusive relationship skills position him perfectly to lead the company to an even more prosperous future.”

Hancock says, “I am deeply honored to take on this responsibility as our entire organization unites around a commitment to excellence in every aspect of our work. Under Bob's leadership, AIG has re-emerged from crisis as a pre-eminent leader in the global insurance industry. In just under five years, Bob transformed AIG's culture into one that fosters empowerment and tenacity, reinvigorating our employees around the world and enabling them to achieve the impossible.”

Hancock joined AIG in 2010.

Benmosche was named CEO in 2009, succeeding Edward Liddy, who had become CEO in 2008 as part of the changes the Federal Reserve Board ordered in its decision to loan AIG up to $85 billion for up to 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, kept working and are grateful for being given the chance to make good on this goal.”

In March, Benmosche told Fox Business Network that AIG was focusing on evaluating current personnel for a successor, after he had stated earlier he planned to leave the company in early 2015. He suggested the company also take a look at external candidates to ensure AIG has the right leadership to succeed him in running such a “large and complex company.” He also noted the “company is clearly on the way up” as it continues to gain strength from its near-death experience in 2008.

Special Reports /

Peter Hancock to Succeed Benmosche as AIG CEO in Sept.

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