AIG says chief exec ailing from cancer
By Ben Berkowitz and Paritosh Bansal |
October 27, 2010, Wednesday
|
Print Edition
Print Edition
AMERICAN International Group said on Monday Chief Executive Robert Benmosche has cancer and an unclear prognosis, casting a shadow on the bailed-out insurer as it undergoes a restructuring.
AIG did not disclose what kind of cancer Benmosche, 66, has but said he is undergoing "aggressive chemotherapy." He is thought to have been recently diagnosed, although it is not clear exactly when. Benmosche said in a statement he felt fine and that he had started the chemotherapy last week.
The insurance company has had four chief executive officers since mid-2008. That turnover is evidence of the turmoil the company has faced after massive derivative positions forced it to receive more than US$180 billion of United States government support.
In recent months AIG's outlook has improved. In September, the company came up with a plan to pay back the roughly US$100 billion that it still owes US taxpayers.
On Friday, AIG sold US$17.9 billion of shares in AIA, its Asian life insurance arm, bringing the company a step closer to repaying the US government.
"Had this happened three or four months ago it would have occasioned more fright for a path forward for the organization," said Clark Troy, an analyst at Aite Group. "Now I think it's more of a question of finding the right person and concern for Benmosche personally."
Benmosche said his long-term prognosis would not be clear until he had a couple more months of treatment.
The US Treasury Department said it was informed about Benmosche's health earlier on Monday.
AIG did not disclose what kind of cancer Benmosche, 66, has but said he is undergoing "aggressive chemotherapy." He is thought to have been recently diagnosed, although it is not clear exactly when. Benmosche said in a statement he felt fine and that he had started the chemotherapy last week.
The insurance company has had four chief executive officers since mid-2008. That turnover is evidence of the turmoil the company has faced after massive derivative positions forced it to receive more than US$180 billion of United States government support.
In recent months AIG's outlook has improved. In September, the company came up with a plan to pay back the roughly US$100 billion that it still owes US taxpayers.
On Friday, AIG sold US$17.9 billion of shares in AIA, its Asian life insurance arm, bringing the company a step closer to repaying the US government.
"Had this happened three or four months ago it would have occasioned more fright for a path forward for the organization," said Clark Troy, an analyst at Aite Group. "Now I think it's more of a question of finding the right person and concern for Benmosche personally."
Benmosche said his long-term prognosis would not be clear until he had a couple more months of treatment.
The US Treasury Department said it was informed about Benmosche's health earlier on Monday.
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