AIG is already prepared for a potential Benmosche departure, and has been for some time already.
The firm has four former CEOs sitting on its board, who were added just back in June. Any of them could be a potential leader, according to Deal Journal.
- Douglas Steenland – former Northwest Airlines CEO
- Robert “Steve” Miller – former Delphi CEO
- Arthur Martinez – former Sears CEO
- Harvey Golub – former American Express CEO
Deal Journal: The real concern is that none of these men would have the insurance bona fides to lead this company on a permanent basis. Persuading someone else to take the post could prove difficult given Benmosche’s own frustrations. But perhaps the government would be more hands-off after a potential Benmosche disaster. The irascible CEO might have destroyed his own job–but saved the AIG CEO post.
The author owns shares of AIG.