Aug 25, 2006 8:09 am US/Central
Rubin Resigns From Ford Motor Co. Board
DETROIT (AP) ―
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From 1995 to 1999, Robert Rubin served as the U.S. treasury secretary. (File)
AP
Former U.S. Treasury Secretary Robert E. Rubin has resigned from the board of Ford Motor Co., citing a potential conflict of interest with his duties as a member of the chairman's office at the banking company Citigroup Inc.
In a letter to Ford Chairman and Chief Executive Bill Ford released Friday, Rubin said he needed to step down as the board begins a review of the struggling automaker's strategic options.
"Citigroup's multi-faceted relationship with Ford could raise a question whether my relationship with Ford and Citigroup creates an appearance of conflict. Although no conflict currently exists and while I would have liked to remain involved, I have with great regret concluded that I should resign from the board at this time," Rubin said in the letter.
Rubin had been on the board for six years.
Dearborn-based Ford lost $1.4 billion during the first half of the year, and its sales and market share have dropped. The company is in the midst of accelerating its "Way Forward" restructuring plan and is looking at potential alliances with other companies.
Bill Ford said in a statement that Rubin "brought strategic thinking to every situation and has been a wise and generous counselor to me and to the company. However, I understand and respect Bob's prudent decision to resign as we continue to explore future strategic options."
Rubin served as Treasury secretary in the Clinton administration from 1995 to 1999.
Ford shares rose 24 cents, or 3 percent, to $8 in premarket trading.
(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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