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Report: AIG's New CEO Means Business

 

Saturday, Aug 22,2009, 10:31:54 AM   Click:

 American International Group's(AIG:NYSE) new CEO has some lofty goals ... and it looks like investors believe he can succeed.

Robert Benmosche, former leader at MetLife(MET:NYSE), said in a report on Thursday that he will rebuild the business and won't rush into selling off assets for barrel-bin prices. He also said that he will be able to repay its federal debts and boost value for shareholders, according to a report by Bloomberg.

Shares of the flailing insurer soared 27.5% to $34.06 in afternoon trading. Gallery code

One of Benmosche's first moves since he took the reigns on Aug. 10 was the announcement that he plans to hold on to an investment-advisory business unit that is part of the company's retirement services group, Reuters reported on Wednesday. Over the past few months, AIG has been attempting to divest itself of pieces of the company in an effort to pay back the $85 billion loan it received from the government.

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