Greenberg Officially Resigns from AIG Board

June 9, 2005

Maurice “Hank” R. Greenberg, citing his inability to obtain information on the company’s operations, has officially resigned from the board of giant American International Group after some 40 years with the firm.

“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 AIG every future success,” Greenberg, the former chairman and chief executive officer of the company, said in a letter yesterday.

AIG, Greenberg and the former chief financial officer, Howard Smith, have been targeted in a civil lawsuit brought by New York Attorney General Eliot Spitzer and Superintendent of Insurance Howard Mills, who accuse the company and officials of doctoring financial statements and misleading regulators.

The Securities and Exchange Commission is also investigating the company.

Greenberg, 80, was forced out as CEO in March. He later resigned as chairman, although he remained a director.

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