Hancock will replace current CEO Robert Benmosche — who’s been in charge since August 2009 — when he steps down on September 1. Benmosche played an important role in helping AIG’s turnaround efforts in repaying a $182 billion bailout received from the government and turning a $22.7 billion profit on top of that.
Peter Hancock has plenty of experience in financial services including a 20-year tenure at J.P. Morgan (JPM) before joining AIG in 2010. Robert Miller — chairman of AIG’s board of directors — said the following about Hancock:
“As AIG enters a time of great change and opportunity, we are confident that Peter Hancock is uniquely qualified to lead the company and its employees to future success. Peter’s deep experience in financial services, including as a strong risk manager; his understanding of the AIG enterprise and the insurance business as a whole; his success in revitalizing AIG’s property casualty business; and his strong leadership and inclusive relationship skills position him perfectly to lead the company to an even more prosperous future.”
AIG stock is down about 0.55% Wednesday afternoon. JPM stock is down 1.3%.
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