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Aug. 25, 2006 / 12:09 PM

Robert Rubin leaves Ford Motor's board

DEARBORN, Mich., Aug. 25 (UPI) -- Former U.S. Treasury Secretary Robert E. Rubin has resigned as a director of Ford Motor Co.

Rubin cited a potential conflict of interest arising from his duties as a member of the chairman's office at Citigroup Inc. for stepping down from Ford's board, a position he has held since 2000.

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The departure comes as Ford mulls opportunities to sell various unprofitable European businesses, like Jaguar.

"As the board undertakes its upcoming review of strategic options, Citigroup's multi-faceted relationship with Ford could raise a question whether my relationship with Ford and Citigroup creates an appearance of conflict," Rubin said in a statement released Friday by 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."

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