hehe hinted peter hancock, favored him, he wanted him.etween peter hancock and j win truck -- ipo pressure on the board to name a new ceo. there was too much conversation around a. jay, does he leave? >bob said that is a conversation that peter and jay have to have together. >> what about the weaknesses of peter hancock? is he a good fit? >> some say no. --e insurance investment investors say no. an insurance guy. that may not be what you need for the next phase. the company is a lot smaller than it was five years ago before the bailout. >> thank you so much, betty liu excerptsus experts -- from our conversation with bob benmosche. we will be back. ♪ >> tomorrow, one of our most popular guests will joining us. he wants patients in the market as he buys value. we will talk to mario gabelli. we will talk about dow 17000. our guest host is jeffrey rosenberg of blackrock. let's get you company news. microsoft is going to court over a government demand for customer's e-mails stored overseas. microsoft objected saying because the e-mails were s

hancock? know peter >> i have met peter. i would not know him the way i know bob benmosche through experience. i have not peter, -- i have met peter, that is about it, but he certainly has the resume and knowledge of the company. the outlook is promising. >> it seems like you have no ill will or harbor any hard feelings at all against bob benmosche, and the fights that came out in public later that were well-documented between you and over compensation? you have no ill will. >> ill will -- i have no ill will at all. i salute bob. we had disagreements, sure. i had a treasury mandate from congress. is borna mandate from in his company. we worked it out. -- from his board and his company. we worked it out. that is what negotiation is about. >> people look to you as the go compensation,t victims compensation, from the 9/11 fund, to bp, and now i know you are working with general motors. compensation -- do you think it has gotten out of hand on wall street since the days you negotiated the pay of aig? >> i think executive compens

peter hancock. he will be the president and ceo starting september 31st, taking over for robert benmosche who took over the company during a very difficult time. he currently serves, mr. hancock currently serves as executive vice president of aig. so he has been within the company. he also will join aig's board of directors. that will be effective september 1st. mr. benmosche is expected to resign from the aig board of directors on september 1st. adam, he will continue to advise peter hancock going forward. adam: benmosche as you pointed out he has been crucial to aig's revival since 2008. going into what was a beaten company and bringing them up. he stood up for when a lost country was demanding blood because they were paying bonuses. he said i need staff there. he stood up for them. liz: he did. the company certainly done well. it is pulling back slightly. it was pretty much telegraphed that mr. benmosche would be stepping down. that is our breaking news. we go back, so sorry to interrupted, dan.

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're still in the process of figuring out the compensation program. being develope

aig has a new ceo, peter hancock. obama says he is a plan to get students out of debt but it turns out senator elizabeth warren think your plan is better. fashion designer vince camuto.

. >> american international group said peter hancock will be its next ceo.eoock will replace the september 1 of this year. -- says the satellite maps accurate.e they're hoping to use skybox technology to improve access and disaster relief efforts. shares of radioshack have fallen after the retailer reported a loss last quarter citing sales drops for the ninth straight time. >> united airlines is the latest carrier to change its frequent flyer program. -- march,next month the new reward system will be based on the amount of dollars that you spend rather than the number of miles that you fly. joining me now to discuss this is the founder of pointsky.com. services to maximize your frequent-flier miles. and defense analyst george ferguson. what is united proposing and why? >> they are proposing tracking amountby the number -- they spend rather than the amount they fly. they want to pursue the business traveler that pays their bills. that is how they deal with big to capturebility data and save it cheaply. they can track all the money that customers spend and wan

>> 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 fighting it aggressively, but he has no plans to take another job full stop he wants to go back to his vineyard in croatia and relax. next -- >> it should be a celebration at aig as benmosche really save the country -- the after the debacle of 2008. >> that is right. >> thank you, betty liu. is providingin some perspective on what it is like to be a boss. in a candid interview with charlie rose camesa a certain level of paranoia creeps in from time to time. >> i'm sure i am parano

>> reporter: kelly, that's right, the board announcing today that they have named peter d. hancock september 1st. of course, he'll succeed benmosche benmosche. mr. benmosche is expected to resign 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

aig has a new ceo, peter hancock. to get students out of debt but it turns out senator elizabeth warren think your plan is better. camuto. designervince

hancock, peter hancock, can possibly follow up as well as bob. dicate that hancock is exactly the man for the job. a great banker, earlier at jpmorgan, had a property casualty business. ben shay told me he would never leave thought it was in great hands. i want to redouble my efforts and look at the hancock regime. there is a big buyback going on. stock still below book. >> back off, it does introduce some risk. you know ben has done extraordinary work rebuilding this company beyond what many of us anticipated was possible. and you don't know this guy. and you're it telling us good things here. >> what i'm saying people want to sell and i never want to -- look, a new ceo first year always difficult. but i'm saying this company was left in historic -- this company which was a -- tragedy of american finance was brought back by ben lachey and those who are trying to -- say listen i'm out of here, i respect that. again like boeing has huge profits. my sources indicate that hancock is not a naive choice, but a perhaps very wise one. >> and they've been

aig names peter hancock as ceo. you've seen -- where is that, castle rock?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. if you look at the ten-year note, the yiel

hancock over other candidates? >> we were blessed with two very fine candidates. real smelly picked peter picked peter. we were a global company and he grew up in hong kong, come from the u.k., and so on. he represents the globality of us. he has also been running the casualty business, which is our biggest sector . thirdly, when he came to her company, we put him to work cleaning up the mess at the financial products division in connecticut. >> you are known for transforming -- i use that word seriously. transformative movement and companies. how was the aig that mr. hancock takes over different from the old aig? >> where a somewhat smaller and more focused company, run as one aig, rather than independent silos. it will be a much better run company. they have just come through the survival mode. the stabilization mode. getting ourselves down to the core businesses. that is the company that peter takes over. sanford bernstein is suggesting the size of aig could become -- >> it has already shrunk down quite a bit. by anointing hancock at your new ceo, that is continuity. what new initiativ