Former MetLife Inc. CEO Robert Benmosche will replace Edward Liddy as American International Group’s CEO, reports the Wall Street Journal (WSJ). Liddy replaced Robert Willumstad, former Chairman and CEO of AIG. Benmosche will be the insurer’s fifth leader since 2005.
INN reported in May that Liddy announced he would step down as soon as a successor at AIG was found. Liddy, who previously held the chairman, president and CEO position at Allstate, agreed to take $1 per year in salary when he was appointed AIG's CEO last September. WSJ sources report that the package being offered Benmosche will likely fall between $7 and $10 million annually, noting the deal must be approved by the federal government.
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