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8-K - FORM 8-K - AMERICAN INTERNATIONAL GROUP, INC. | y89236e8vk.htm |
Exhibit 99.1
Contact:
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News Media: Mark Herr 212-770-3505 |
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Investment Community: Joe Reali 212-770-7074 |
AIG UPDATES HEALTH CONDITION OF CEO BOB BENMOSCHE
Encouraging Prognosis
Mr. Benmosche Expects to Continue in His AIG Role for Next 12 to 18 Months
NEW YORK, January 24, 2011 American International Group Inc. (AIG)
announced today that Robert H. Benmosche, AIG President and Chief Executive
Officer, has received a health prognosis such that Mr. Benmosche is expected
to be fully able to remain in his position at AIG on his previously
announced timetable.
My doctors have given me an encouraging prognosis as I continue to undergo
treatment for cancer, Mr. Benmosche said. As we all know, nothing in life
is certain, but given that Ive responded very well to my treatment, my
doctors believe I can continue to apply the same commitment and energy to
AIG over the next twelve to 18 months. I feel good, and I am delighted to
tell you that I remain absolutely committed to continue working with the
wonderful team of people here at AIG on that timetable. We are all very
focused on positioning AIG for future growth and enhanced profitability as
we continue to make substantial progress on repaying all of our government
obligations and, we continue to believe, at a profit. Most likely, Ill
return to my retirement sometime in 2012.
Following a briefing by a physician fully aware of Mr. Benmosches medical
condition, test results, and prognosis, the AIG Board of Directors, while in
matters of cancer circumstances can change, anticipates that Mr. Benmosche
should be able to serve in his role as AIG President and CEO on his
previously announced timetable.
Every member of the AIG Board of Directors is thrilled with Bobs news,
said Robert S. Steve Miller, Chairman of the AIG Board of Directors. Bob
has worked as hard as ever over the last several months, and, with the
management team, shepherded AIG through its latest success: completely
repaying the Federal Reserve Bank of New York and vastly simplifying the
governments investments in AIG.
We have a very strong management team, Mr. Miller said. The Board of
course has established a succession planning process, and we remain focused
on taking all the right steps to ensure management continuity. The Board is
conducting an active CEO succession planning process, and we are committed
to effecting an orderly leadership transition at the appropriate time.
more
AIG Updates Health Condition of CEO Bob Benmosche
January 24, 2011
Page two
January 24, 2011
Page two
The Board of Directors also has agreed that its CEO succession contingency
plan remains the same as announced on October 27, 2010: in the event that
Mr. Benmosche becomes unwilling or unable to continue to effectively serve
in his current role, Mr. Miller would step in as interim CEO of AIG for as
long as it takes to identify and select a long-term replacement for Mr.
Benmosche.
# # #
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect AIGs current views with respect to
future events and are based on assumptions and are subject to risks and
uncertainties. Except for AIGs ongoing obligation to disclose material
information as required by federal securities laws, it does not intend to
provide an update concerning any future revisions to any forward-looking
statements to reflect events or circumstances occurring after the date
hereof.
# # #
American International Group, Inc. (AIG) is a leading international
insurance organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and individual
customers through one of the most extensive worldwide property-casualty
networks of any insurer. In addition, AIG companies are leading providers of
life insurance and retirement services in the United States. AIG common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
# # #