AIG names new CEO

Insurance giant American International Group (AIG) has named Robert Benmosche, a former head of rival insurance firm MetLife, as its new chief executive.  The appointment follows the decision by Ed Liddy, AIGÔÇÖs current chairman and CEO, to leave the firm after less than one year at the helm. Benmosche will not succeed Liddy as chairman. Liddy has received strong criticism for his role at the firm since it received around $80 billion in bailout funds from the Government. In the past 11 months, the total funds received have soared to $182 billion. ÔÇ£AIG and American taxpayers are fortunate to gain the commitment of Bob Benmosche, a highly experienced executive who understands the challenges and opportunities of restructuring complex organizations,ÔÇØ Liddy said in a statement.  ÔÇ£Our stakeholders can look forward to a seamless transition and rest assured that the work of rebuilding the value of AIGÔÇÖs businesses and repaying the government will continue uninterrupted.ÔÇØ  Benmosche, 65, who has worked at MetLife, PaineWebber and Chase Manhattan Bank, will take over at AIG on August 10. He will face a challenging tenure as the firm continues to dispose of assets and streamline its business in order to repay its government loans. ÔÇ£Ed and his team have done a terrific job stabilizing AIG and implementing a strategy to repay the CompanyÔÇÖs stakeholders, including taxpayers,ÔÇØ Benmosche said.  ÔÇ£Now he has passed the baton to me, and I look forward to continuing the race. With my AIG colleagues, we will focus on this mission: maximizing the value of the companyÔÇÖs assets and meeting all of our stakeholder obligations.ÔÇØ  AIG, which has been heavily criticized for its role in the global financial meltdown after it took on too much risk, was the single biggest recipient of US bailout money in the current financial crisis. * ┬á┬á┬á┬á┬á┬á*┬á┬á┬á┬á┬á┬á *