NU Online News Service, July 15, 10:31 a.m. EDT
American International Group's Chairman Harvey Golub has resigned, citing an inability to work with the company's chief executive officer.
Mr. Golub is being replaced by Robert S. "Steve" Miller.
In a terse statement dated July 14, Mr. Golub said AIG's CEO Bob Benmosche informed the board "that he believes our working relationship as chairman and CEO to be ineffective and unsustainable."
He said he was resigning because he could not ask the board to choose between him and Mr. Benmosche to lead the company, saying it was easier to pick a chairman than a CEO, especially when a company is going through a major restructuring and is developing a plan to exit government control.
Mr. Golub joined AIG last year as chairman succeeding Edward M. Libby who was then chairman and CEO.
Mr. Golub, 71, was chairman and CEO of American Express from 1993 to 2001. Before joining American Express in 1984, he was a senior partner with McKinsey & Co.
Incoming Chairman Mr. Miller, 68, joined AIG's board in June of last year. He became chairman of MidOcean Partners in 2009, a private equity firm specializing in middle market investments in the United States and Europe, according to its website.
He was executive chairman of Delphi Corporation, the auto parts maker. He served as chairman of Federal-Mogul, Inc., an auto parts supplier based in Southfield, Mich., before joining Delphi. Prior to that, Mr. Miller served in a number of corporate restructuring situations, including as chairman and CEO of Bethlehem Steel, chairman and CEO of Federal-Mogul, chairman and CEO of Waste Management, and chairman of Morrison Knudsen.
Before that, Mr. Miller had been vice chairman and chief financial officer of Chrysler Corporation.
Mr. Miller is a director of Symantec Corporation and UAL Corporation (United Airlines).
In a statement, Mr. Miller thanked Mr. Golub for his work with AIG, adding that "AIG has established strong momentum over the last year" and that it will emerge from its restructuring "as a smaller, more focused enterprise worthy of investor confidence."
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