The Board of Directors of American International Group, Inc. (AIG) met yesterday to discuss the company’s succession plans.

The meeting comes days after it was acknowledged that President and CEO Robert Benmosche was undergoing treatment for cancer.  While Benmosche is currently able to handle a full work schedule, the board did decide on an interim CEO to replace him should his condition worsen. "In the event that Bob would become unwilling or unable to continue to effectively serve in his current role, our Chairman, Steve Miller, would step in as interim CEO of AIG for as long as it takes to identify and select a long-term replacement for Bob,” the board said in a statement.

The company also said it was also looking into a long term replacement for Benmosche, who had previously indicated that he would only stay on until AIG completed repayment of its taxpayer obligations, which is currently expected to be sometime in 2012.

"The Board intends to review its selection criteria for the next CEO and will continue to discuss succession planning. The choice of a long-term successor to the CEO will include a fair evaluation of internal candidates as well as external candidates. The process would then be concluded when, over the next two years, it is appropriate to name Bob's eventual successor."