What's Next in AIG's Leadership Transition?

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June 11 (Bloomberg) -- AIG promoted Peter Hancock to CEO as the company focuses on growth after his predecessor stabilized the insurer and paid back a 2008 government bailout. Betty Liu has more on AIG's leadership transition. (Source: Bloomberg)

-- robert bemeauchet and his decision to step down early.

The only thing surprising about this news, really, is that it came earlier than expected.

No one was surprised that he was going to step down.

He said he was going to in february.

He just wanted to do it a bit earlier.

And the reason why, he said, is that he felt the board was taking too long to make this decision and that the company was on hold because of it.

I actually talked about him last night recently.

He said, "i set a date in february to make the transition, but i also said in order to make the transition at aig, it would also be important to have a new ceo.

The transition is taking too long." most of the people in this world have praised benmosche . here is what feinberg said this morning on our program about benmosche.

He was very effective full stop he knew everything about the company and he came prepared to treasury and we personally in -- personally negotiated each and every compensation package.

He set the gold standard for this.

Let's talk about who is going to take over for robert benmosche.

What type of changes and what kind of background?

Peter hancock is a 20 year veteran of jpmorgan.

He came to the company in 2010. he has big shoes to fill them as feinberg had mentioned, but he's also got other big additions to fill now that he will become ceo.

He's got to find a person to run the property and casualty, which is what hancock did.

He's also got to see whether winthrop, another possible successor, will stay at aig.

If he does, he needs to find a good candidate to run the life and portion -- life insurance portion of aig.

Bob benmosche, it is well-known that he has been fighting cancer since 2007. he said to me yesterday that it is still there and he is fighting it aggressively, but he has no plans to take another job full stop he wants to go back to his vineyard in croatia and relax.

Next -- it should be a celebration at aig as benmosche really save the country -- the company after the debacle of 2008. that is right.

Thank you, betty liu.

Lloyd blankfein is providing

This text has been automatically generated. It may not be 100% accurate.

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