NEW YORK ( TheStreet) -- American International Group (AIG) said Wednesday that Chairman Steve Miller will step into the role of CEO on an interim basis if necessary, though the board doesn't expect that to happen immediately.
The insurance giant's board sought to assure investors that a succession plan is in place if current CEO Robert Benmosche has to step down, following his recent cancer diagnosis. Although he is undergoing aggressive chemotherapy treatment, Benmosche has said he's feeling "fine" and expects to continue in his role through 2012, as planned.
"In the event that Bob would become unwilling or unable to continue to effectively serve in his current role, our Chairman, Steve Miller, would step in as interim CEO of AIG for as long as it takes to identify and select a long-term replacement for Bob," the board said in a statement, following a unanimous vote.
Miller is known for his restructuring prowess, having helped shape Delphi, an auto parts supplier, into a classic turnaround story. Miller took over as chairman a few months ago, when Harvey Golub stepped down following clashes with Benmosche.The board said in its statement that Benmosche still "feels fine, continues to work a normal schedule, and the Board continues to assume that Bob will remain CEO on this
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