he will take over again september 4 bob benmosche. for bobptember benmosche. he established a derivatives group at j.p. morgan. internationalg's assets, return the company to profitability and repaid the government 182 million dollars bob motion. he stayed on longer than planned -- bob and moshe it. he stayed on longer than that plan after announcing in 2010 he was battling cancer. i spoke with bob for a few moments yesterday. i want to read one part of what he said. "it is simple. i said i would set a date to make the trip, but in order to make the organizational changes at aig it would be important to have a new ceo to run the company. the transition was taking too long." he pressed the board and said we need to make a decision. the actual person taken over is not a surprise. >> that is a great way to sum it up. peter hancock has been seen as the presumptive next ceo. the surprise was the timing. people thought that ben moshe -- bob and moshe it would be sticking around until next year. >> this brings up questions. j winthrop was seen as another successor. >

. >>> and a big change at aig this afternoon, robert benmosche is out.peter hancock takes on both jobs, right now he is an executive vice president. benmosche is expected to resign in september but will stay on in an advisory role. benmosche is credited with steering the company through the financial crisis and paying back almost all the $2.8 billion received from the u.s. treasury. >>> and in detroit today, two very different agendas for the gm meeting. shareholders were asked to vote about improving new directors and incentive plans for top executives. but outside, protesters were demanding gm executives be held accountable for defective ignition switches linked to at least 13 deaths and the recalls of millionings of cars, phil lebeau has more. >> reporter: less than a week after ceo mary barra announced the recall of the vehicles from the faulty ignition switches, general motors held its annual shareholder meeting here in detroit. it was a relatively uneventful meeting. there was no update on the recall investigation. and gm ceo mary barra says they'r

most of the people in this world have praised benmosche . here is what feinberg said this morning on our program about benmosche. effective full stop he knew everything about the company and he came prepared to treasury and we personally in -- personally negotiated each and every compensation package. he set the gold standard for this. >> let's talk about who is going to take over for robert benmosche. what type of changes and what kind of background? >> peter hancock is a 20 year veteran of jpmorgan. he came to the company in 2010. he has big shoes to fill them as feinberg had mentioned, but he's also got other big additions to fill now that he will become ceo. run got to find a person to the property and casualty, which is what hancock did. to see whether winthrop, another possible successor, will stay at aig. if he does, he needs to find a good candidate to run the life and portion -- life insurance portion of aig. , it is well-known that he has been fighting cancer since 2007. he said to me yesterday that it is still there and he is figh

benmosche would be stepping down. that is our breaking news. we go back, so sorry to interrupted, dan. you can finish your thought. >> that's okay. i'm sure we were talking about the banks. life insures, that is another group we're liking. they have been leading the sector. we believe they're postively correlated to the rate environment, the long end of the curve. everybody thinks this will be muted interest rate environment. as interest rates press ahead in months and years going forward, we think that strong correlation will allow financials really to start leading the tape once again. a lot of banks are very cheap. that is another sector where we think sectors could -- investors could find value. you're paid to wait. the charts look great. that would be under accumulation. that is another go-to group. that we would recommend to investors at this point. adam: we have to stop there. larry shover, we'll see you in a few minutes when the s&p futures close. liz: thank you, everybody. >> >> new details showing exactly how widespread chinese hackin

toer hancock promoted replace rubber band goucher. -- bob benmosche.him last night. we will bring you thoughts on that change. two pa

of course, he'll succeed benmosche benmosche. mr.n and assume an advisory role. mr. hancock has been at aig since 2010 and currently serves as chief executive officer of aig property casualty. back to you. >> bertha, thank you. >> interesting to read the statements from stuart miller who we saw last week on air and he's saying aig, kate, a far stronger company than five years ago focused on the core mission to help businesses around the world prepare for the future, recover from loss and retire with confidence. >> no criticism of peter hancock, sure he'll do a wonderful job. i'll miss bob benmosche after the taxpayer bailout of over $180 billion. very interesting colorful ceo, and he did preside over a turnaround period for the company, so an interesting guy to cover. >> yeah. defying the nay sayers, jason, to some extent. tim, just curious if you would put insurance companies in the same group as financials here when you talk about places to look right now for investment opportunity. >> i think what people like about insurance compa

ben mashay iss-- benmosche plan to retire. aig names peter hancock as ceo.- where is that, castle rock? i don't know which part it's supposed to be in the "game of thrones." >> it looks like a place. it's unbelievable. >>> and alibaba is going on a spending spree. the company is buying remaining shares of browser ucweb. alibaba spent 4.8 billion making investments in the past six months but this would be the biggest to date. >> touch screen chipmaker s synaptics. its chips are used in galaxy s5. shares of synaptics jumping on that news. >>> yesterday, almost the day that didn't happen. barely budging on any of these levels. the dow was up by just over 2 points. the s&p down by less than half a point. take a look this morning, you'll see the futures are indicated lower. dow futures down by 39 points. s&p futures down by 5.5 points below fair value. in europe, you'll see at least at this point it's -- i don't have any idea what it is. when the boards bet there we'll check it out. let's take a look at what's been happening with oil and some of the other issues.