Attorneys for Maurice R. Greenberg, the ousted chairman of American International Group, last night released a letter he sent announcing his decision to leave the board of the giant insurer. The letter said he was tendering his resignation effective immediately.
"I previously stated my intention not to stand for reelection 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 AIG every future success," the 80 year-old executive wrote.
Mr. Greenberg was forced to resign after the company came under scrutiny last year for improper accounting transactions designed to improve its financial position.
The company, in its recent restatement of annual earnings, made adjustments that reduced the firm's book value by $2.7 billion.
Mr. Greenberg's attorneys previously said he had invoked his Fifth Amendment right against self-incrimination to avoid answering questions from New York Attorney General Eliot Spitzer and other authorities who are investigating the company.
The insurer is also being probed by the U.S. Securities and Exchange Commission and the U.S. Department of Justice Criminal Fraud Division.
The company has dismissed several executives under scrutiny by investigators, including its former chief financial officer, Howard Smith, who remains on the AIG board.
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