PENPIX-Possible successors to AIG’s Benmosche

NEW YORK, Oct 26 (BestGrowthStock) – Bailed-out insurer American
International Group (AIG.N: ) said on Monday that Chief Executive
Robert Benmosche has cancer and is undergoing aggressive

AIG said Benmosche intends to work a full schedule during
his treatment, but it is also making contingency plans.

Following are brief profiles of some possible successors to
Benmosche, ranked in order of most likely to least likely:


A corporate lawyer by training, Wintrob runs AIG’s domestic
life insurance business.

Formerly head of the company’s retirement services
business, Wintrob was named chief executive officer of domestic
life and retirement services in August 2009. AIG has called
that combined business the third-largest U.S. life insurer.

He joined SunAmerica in 1987, joining AIG when it acquired
the insurer in 1999.

After he left his legal practice, he was executive
assistant to billionaire Los Angeles investor Eli Broad, which
was how he got into insurance. (Broad’s firm owned SunAmerica
at the time).

“Jay Wintrob is the guy,” UBS analyst Andrew Kligerman said
on Monday.


The other internal executive most often mentioned as a
potential CEO of AIG is Peter Hancock, who joined the company
in February as vice president of finance, risk and

He came to AIG from KeyCorp (KEY.N: ), where he was vice
chairman. Previously he spent 20 years at J.P. Morgan (JPM.N: ),
where he founded the derivatives group, ran the fixed income
operation and was the firm’s chief financial officer.

Asked in the past about the possibility of Hancock
succeeding him, Benmosche has said only that he is one of a
number of AIG executives capable of running the company.

Hancock’s hiring was seen as a major coup for AIG,
particularly as it tried to restructure its risk oversight in
the wake of the U.S. government bailout.


Miller became chairman of AIG in July, replacing Harvey
Golub, who lost a power struggle with Benmosche (who had
reportedly threatened to quit if Golub stayed).

Miller has no background in insurance but is a veteran of
mega-restructurings and is well known to AIG’s primary owner,
the U.S. government.

He has previously been CEO of auto parts makers Delphi Corp
and Federal-Mogul Inc, as well as chairman or chief executive
officer of diverse companies that include Bethlehem Steel,
Waste Management (WM.N: ) and Morrison Knudsen. He is also a
former chief financial officer of automaker Chrysler.

Miller, who joined AIG’s board in June 2009, is the author
of a 2008 book called “The Turnaround Kid,” which chronicles
his work in corporate revivals.



Steenland and Rittenmeyer, both AIG directors and both
former CEOs of major corporations, have had their names tossed
around as potential successors, at least in the short term.

Steenland is the former chief executive of Northwest
Airlines. He led the company into and out of bankruptcy and
then sold it to Delta Air Lines (DAL.N: ), retiring when that
deal was completed in 2008.

Rittenmeyer is the former CEO of Safety-Kleen and of
Electronic Data Systems. He retired from EDS in 2008 after
Hewlett Packard (HPQ.N: ) acquired the company.
(Reporting by Ben Berkowitz; Editing by Lisa Von Ahn)

PENPIX-Possible successors to AIG’s Benmosche