Robert H. Benmosche who engineered the greatest financial U-turn with AIG died at the age of 70Md Noman Siddique (Author) Published Date : Feb 28, 2015 21:20 ET
Robert H. Benmosche the former President and CEO of American International Group (AIG) died at the age of 70. A former MetLife Chairman came out of retirement to take over the troubled AIG and made the greatest financial turnaround in the American corporate history.
He took AIG from being rescued by American taxpayers in a $182 billion bailout to a successful company. He died at the NYU Langone Medical Center on 27th February and his death was announced by A.I.G. The company statement said his cause of death was lung cancer. He was replaced by Peter D. Hancock on September 1 when his health condition deteriorated.
AIG one of the largest insurance company in the world, become one the worst causality of global financial crisis in 2008. It was labeled as the most hated company in America after the bailout. In August 2009 Mr. Benmosche came out of retirement to take over a company, put New York-based AIG on the road to repaying taxpayers.
In an interview in 2012 Mr. Benmosche said, My first response to them was, You must think I m crazy. But then I thought about it and said to myself, You know, they re right the financial industry is in chaos, and I ve got the skills while describing about his decision to comeback from retirement and take the job at AIG. By 2012 he restore A.I.G. to its former glory, when he repaid its entire debt to the American taxpayers and returned $22 billion in profit to them as well.
While talking to thousands of A.I.G. employees, Mr. Benmosche declared to fight the company s critics in Congress to tell them to stick it where the sun don t shine . Everyone agreed that it motivated his workers at that time. He was born on May 29, 1944, in Brooklyn. His grandfather was a Rabbi who moved from Lithuania to United States. He earned his degree in mathematics from Alfred University.
Robert H. Benmosche who engineered the greatest financial U-turn with AIG died at the age of 70