NEW YORK (TheStreet) -- American International Group (AIG) - Get Report shares are down -0.8% to $55.69 on Thursday following news that CEO Robert Benmosche will be stepping down from his position this weekend.

Benmosche made the announcement in an interview with Bloomberg today after revealing that he was told in May that he has nine months to a year to live due to cancer.

Benmosche, who has been CEO of the insurance company since 2009, will hand over the CEO reins to Peter Hancock, head of the company's property-casualty unit.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Image placeholder title

AIG

data by

YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.