DOW JONES NEWSWIRES
American International Group Inc. (AIG) named two executives,
including a turnaround specialist, for its international
real-estate investment organization.
The appointments Friday come just ahead of the ascension of
Robert Benmosche, the former chairman and chief executive of
MetLife Inc. (MET), who will step in as AIG's chief executive
Monday. Harvey Golub, formerly CEO of American Express Co. (AXP),
takes over as nonexecutive chairman. Edward Liddy, who took both
roles in September after AIG's first federal bailout, will step
down.
Overall, AIG's just-reported second-quarter results showed the
company had stanched the flow of write-downs and investment losses
as it turned in its first profit in seven quarters, although its
core insurance operations are still struggling to rebuild from last
year's collapse.
AIG named Robert G. Gifford president and CEO of AIG Global Real
Estate to succeed Jeffrey Hurd, who had been in the positions on an
interim basis. Gifford worked 22 years at AEW Capital Management
LP, a Boston real-estate management adviser.
"Rob Gifford brings to AIG a deep and versatile background in
real-estate investment, development and portfolio management," said
Paula Rosput Reynolds, AIG vice chairman and chief restructuring
officer. "He also has an outstanding reputation for earning the
confidence of investors, including during challenging real-estate
market conditions."
Hurd will return to his roles as head of asset-management
restructuring and chief administrative officer.
AIG also named William J. Glasgow chief restructuring officer of
the real-estate unit, which has $24.3 billion of assets under
management. Glasgow had been chief operating officer of Scanlan
Kemper Bard Cos., a real-estate private equity firm.
"Will Glasgow's management and restructuring experience spans
not only real estate, but also financial services and other
industries," Reynolds said. "His background is especially valuable
as AIG seeks the best possible outcomes for its real-estate
assets."
AIG shares were recently up $4.40, or 19.5%, at $27. The shares
have doubled in value this week but remain off 14% for the
year.
-By Jay Miller, Dow Jones Newswires; 212-416-2355;
jay.miller@dowjones.com
