AIG Chairman Harvey Golub resigned after a long, difficult relationship with the government-controlled company’s CEO, Robert Benmosche. Golub had told the AIG board that his working relationship with Benmosche was “ineffective and unsustainable.” Tensions worsened during a disagreement over selling off a key division of AIG—after Golub won that battle with the company holding on to the unit, Benmosche gave the board an it’s-him-or-me ultimatum. Board member Steve Miller will replace Golub; Miller is considered a specialist in turning around troubled companies and will likely speed up the pace at which AIG pays back the government for its bailout.
Read it at The Wall Street Journal
