Ford Motor Co. (F) announced that former U.S. Treasury Secretary Robert E. Rubin has resigned from the board citing a potential conflict of interest with his duties as a member of the chairman's office at the banking company Citigroup Inc. (C).
The WashingtonPost.com quotes Rubin, "Citigroup's multifaceted 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, who had been on the board for six years, also said in the letter that he was pleased Ford had hired banker and merger specialist Ken Leet to help plot the company's future.
Ford also confirmed that they are exploring alliances with other companies as part of their restructuring plan including, Nissan Motors (F) (NSANF.PK) and Renault, should a Renault and General Motors Corp. (GM) deal fall through.
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