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.

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