Robert Benmosche is stepping down as chief executive officer of
American International Group (AIG) after five years at the helm and
told Bloomberg TV in an interview Thursday that he speeded up his
decision after learning that a cancer prognosis gave him less than
a year to live.
"I knew that the cancer had begun massive mutations," he said.
"I knew there was no drug yet on the market" to treat it. "So they
reset the clock--nine months to one year."
Mr. Benmosche told Bloomberg he met with the AIG board in April
and told them they needed to change the organization
dramatically.
"They were thinking of the first quarter of next year," he said,
but "I said I'm not going to play the odds. The changes have to
made now not later ... let's accelerate my retirement," which paved
the way for the naming in June of Peter Hancock as incoming
CEO.
Full story at www.bloomberg.com
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