Robert Benmosche, the chief executive of AIG, has been diagnosed with cancer and is undergoing "aggressive" treatment, the insurance giant disclosed Monday.
AIG, which received billions of dollars in federal bailout money during the financial crisis, did not specify the type of cancer, but Benmosche said in a statement that he continues to work according to his normal schedule.
"The good news is that I feel fine," he said, adding that more information regarding his long-term condition will become clear "over the next couple of months."
AIG became one of the largest recipients of taxpayer assistance under the $700 billion Troubled Asset Relief Program (TARP) that Congress passed during the height of the financial crisis in October 2008. The company was brought to the brink of failure by losses tied to insurance policies it sold on mortgage backed securities.
Benmosche, former chief executive of MetLife, was hired last year to manage the company’s efforts to repay its government loans, which totaled upwards of $180 billion at one time.
AIG (AIG, Fortune 500), once the world’s largest insurance company, has been in the process of selling off assets to repay its government loans. Benmosche signaled that the company will continue its restructuring "so that it emerges as a smaller, more focused enterprise worthy of investor confidence."
In his statement, Benmosche also noted that AIG announced last month a "roadmap" to repay its debts, including the repayment of $20 billion in senior secured debt owed to the Federal Reserve Bank of New York’s credit facility.
Robert "Steve" Miller, AIG’s chairman, praised Benmosche’s performance over the last year and said the board is confident that the company will continue to work "smoothly" towards its repayment goals. However, he said the company is preparing contingency plans "to ensure management continuity."