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."
7,000 Ravens fans traded Ray Rice jerseys for one with another player's name. The team gave vouchers after it ran out of replacement jerseys. More
The Bill and Melinda Gates Foundation has given more money than many western nations. More
As Occupy Wall Street goes on its debt-abolishing tear, thousands of people across the country are begging them to forgive their loans. More