Maurice Greenberg's formal involvement with
American International Group
came to an end when the scandal-chased executive resigned from the insurer's board.
Greenberg, who built AIG into the country's biggest insurer, only to see his reign end in a haze of accusations about accounting malfeasance, informed the company of his decision in a brief letter Wednesday. He previously resigned as chairman and chief executive of the company.
"My decision to resign now results from my inability to receive information regarding the company and its operations necessary to fulfill my fiduciary duties," Greenberg said.
The news comes three days after the
and Justice Department secured a guilty plea from an executive of
General Re unit and announced he would cooperate in their investigation of AIG and Greenberg.
Greenberg is accused of helping orchestrate a scheme in which AIG allegedly used phony reinsurance contracts with General Re to burnish the company's financial results and prop up its claims reserves. He has denied any wrongdoing.
The stock rose 19 cents to $55.14.