Smith Follows Greenberg, Resigns from AIG Board of Directors

June 10, 2005

Shortly after Maurice “Hank” Greenberg made news in the last week, American International Group Inc. reported Friday that Howard Smith, the company’s former chief financial officer, resigned from its board.

Smith, who was dismissed in March as financial chief for reportedly not cooperating with government inquiries facing the company, said in a letter to the company on June 3 that his resignation is effective immediately.

Smith is also reportedly resigning from all other subsidiary companies of AIG where he was a director.

Greenberg, who anchored AIG for nearly 40 years, resigned from the board on Wednesday. He resigned as president and chief executive of the company in March.

New York regulators have filed a civil lawsuit against AIG, Greenberg and former Smith, indicating they orchestrated an accounting scheme that made the AIG’s financial picture appear better than it was, misleading both investors and regulators.

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