American International Group said Wednesday its Chairman Steve Miller would serve as interim chief executive if Robert Benmosche, who has been diagnosed with cancer, steps down.
AIG also said that its board is working on succession plans and reviewing the selection criteria for its next CEO. Chairman Miller would serve as interim chief in the meantime.
The bailed-out insurer said on Monday that Benmosche has cancer and is undergoing aggressive chemotherapy. AIG said Benmosche intends to work a full schedule during his treatment, but it is also making contingency plans.
"We are committed to management continuity and ensuring that we have established appropriate, orderly succession plans," the board said in a statement after a meeting on Wednesday.