Wednesday, August 12, 2009

AIG Chief, Two Days on the job, Leaving for vacation

In other news, dear AIG bosses (US government I guess), here's my resume - please hire me as the next AIG Chief...

AIG Chief Benmosche, Two Days on the Job, Said to Be Leaving for Vacation
-- Robert Benmosche, the chief executive officer of American International Group Inc., plans to spend part of his first month leading the insurer in Croatia on vacation, according to two people familiar with the situation.

Benmosche, 65, who started yesterday as CEO and president of the bailed-out company, will leave for about two weeks, according to one of the people, who declined to be identified because the plans were private. Mark Herr, an AIG spokesman, said the New York-based firm wouldn’t comment on CEO travel.

“It’s probably not a propitious time for an incoming CEO to begin with a vacation,” said Steven Seiden, president of New York-based executive recruitment firm Seiden Krieger Associates. Seiden said that while the absence won’t hurt the company’s financial position, “from a public relations standpoint it’s probably not the wisest thing to do.”

Benmosche, named last week as AIG’s fifth CEO since 2005, has to retain customers and employees to preserve the value of operations that will be sold to repay loans included in AIG’s $182.5 billion U.S. rescue. The insurer posted its first quarterly profit last week after more than $100 billion in net losses in the six prior periods, and said that subsidiaries “remain challenged.”


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