Thursday, June 9, 2005

Greenberg Resigns from AIG Board

Maurice Greenberg faxed in his resignation from American International Group's board of directors last night, severing his last official tie with the company that he served as CEO and Chairman for over forty years.  Greenberg remains chairman of two entities that control approximately 14% of the company's shares.  In his resignation letter, Greenberg reiterated his complaint about the lack of information provided to him by AIG as it conducted an internal investigation that includes criticisms of accounting decisions by former senior executives: "I previously stated my intention not to stand for re-election to the board. My decision to resign now results from my inability to receive information regarding the company and its operations necessary to fulfill my fiduciary duties. I wish the employees of A.I.G. every future success."  No sour grapes there.  A New York Times story (here) discusses the resignation. (ph)

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