AIG says CEO will step down in September

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Associated Press

Posted on June 10, 2014 at 2:02 PM

Updated Tuesday, Jun 10 at 2:03 PM

NEW YORK (AP) — Insurer AIG says one of its top executives will take over as CEO on Sept. 1, replacing Robert Benmosche (ben-moh-SHAY).

The company said Tuesday that Peter Hancock would become president and CEO and join the board.

Hancock, 55, is currently an executive vice president and CEO of AIG's property casualty unit. He joined AIG in 2010 and took the helm of AIG Property Casualty in March 2011. He spent 20 years at J.P. Morgan and established the bank's global-derivatives group.

New York-based American International Group Inc. says that Benmosche is expected to resign from the board and take on an advisory role with the company.

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