New CEO for AIG

He takes over on August 10, and will be based in New York.

Benmosche has been a director of Credit Suisse Group since 2002. He was chairman and chief executive of the New York insurer MetLife from 1998 until his retirement in 2006, and has also held positions at PaineWebber and Chase Manhattan Bank.

Benmosche will replace the current chief executive, Edward Liddy, who is due to retire. Liddy took over at the insurer in September 2008, after the US government rescued the struggling company with an $85 billion loan. The company's AIG Financial Products subsidiary was one of the largest counterparties for credit default swap trades in the world, and a key task for Liddy was the restructuring of its portfolio. The US government announced in March a plan that would leave it holding a 77.9% stake in AIG.

See also: US to restructure AIG bailout after $61.7 billion Q4 loss

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