Rubin resigns from Ford board due to potential conflicts

Former Treasury Secretary Robert E. Rubin has resigned as a director of the board of Ford Motor Co., citing a potential conflict of interest with his duties as a member of the chairman's office at Citigroup Inc.

"As the board undertakes its upcoming review of strategic options, Citigroup's multifaceted relationship with Ford could raise a question whether my relationship with Ford and Citigroup creates an appearance of conflict," said Rubin in a letter to Ford Chairman and Chief Executive Bill Ford.

"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," he added.

Rubin, who has been a director of the Ford board since 2000, departed as Ford is pressing forward with a restructuring plan that could involve the sale of some its operations.

Many analysts speculated that Citigroup will be involved in those potential deals, which may include spinning off luxury brands such as Jaguar, Land Rover and Aston Martin.

Source: Xinhua