Bailed-out insurance giant, American International Group inc. has appointed Robert H. Benmosche as its new chief executive officer.

Mr. Benmosche, 65, a former chief of MetLife is going to succeed Mr. Edward Liddy as CEO.

Mr. Benmosche will take on the new responsibility on August 10.

Mr. Benmosche will take the reigns of the troubled insurer at a time when it is trying to reform its business to keep afloat and repay its government loans.

It should be noted here that the company has obtained tens of billions of dollars in federal support.

The pay-package for the new CEO is yet to be tabled before the Treasury Department for sanction. However, AIG's board is said to have agreed on a pay-package value between 7-10 million dollars for Mr. Benmosche

Mr. Benmosche said in a statement, "With my AIG colleagues, we will focus on this mission: maximizing the value of the company's assets and meeting all of our stakeholder obligations."

During his tenure at MetLife Mr. Benmosche became insurer's CEO in 1998 and directed the company up to 2006. He also supervised the company's transition into a publicly held firm.