NEW YORK (CNNMoney.com) -- American International Group chairman Harvey Golub resigned effective immediately Wednesday, citing issues with chief executive Bob Benmosche.
Benmosche told AIG's board of directors that his working relationship with Golub was "ineffective and unsustainable," Golub said in his resignation letter.
"I view asking the Board to choose between us [as] an abdication of my responsibility to lead," Golub added.
Golub said he is resigning for "the simple reason" that he believe it will be easier for AIG to replace its chairman than its CEO as the troubled insurer faces both corporate restructuring and the development of a plan to exit government control.
Robert S. (Steve) Miller will replace Golub. In his own statement, Miller said the company will "remain fully committed" to paying back the bailout money and restructuring to become a more focused insurer "worthy of investor confidence."
Obama doesn't have the authority to create a startup visa, but part of his reform announcement could include a workaround for entrepreneurs: 'parole status.' More
Nearly half of all Americans say there's a chance they'll have to work during a holiday between Thanksgiving and New Year's, according to a new poll. And one in four say they'll have to work whether they want to or not. More