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Steve Miller Returns to Auto Business

Turnaround expert joins forces with Wilbur Ross.

by on Jul.14, 2015

Former Delphi CEO Steve Miller is joining International Automotive Components as President and CEO.

Known as a financial wizard who has played a critical role in a number of critical automotive turnarounds, including the rescue of Chrysler in 1981 and the more recent bankruptcy of parts giant Delphi, Robert S. “Steve” Miller is getting back into the automobile business.

The 73-year-old Miller will be joining International Automotive Components later this month as President, CEO and director of the $6 billion parts company. He succeeds James Kamsickas, who resigned to take the job of president and chief executive officer of Dana Holding Corp.

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Miller’s career in the automobile industry stretches back to the late 1960s when he first joined the Ford Motor Co. He was one of handful of executives who followed Lee Iacocca to Chrysler and became instrumental in what has since gone down into the history books as Chrysler’s first turnaround. There have since been two more. (more…)

Former Delphi CEO Miller Reappears On Wall Street

Aiming to work miracles for tarnished insurance giant AIG.

by on Jul.15, 2010

Steve Miller led a turnaround team at Delphi. He has now landed at troubled insurance giant AIG.

Robert “Steve” Miller, the former chairman and chief executive officer of the bankrupt Delphi Corp., has reappeared on Wall Street, signing on as chairman of AIG, the badly tarnished insurance giant, which was at the center of the financial panic of 2008.

Miller succeeds Harvey Golub as chairman of the AIG Board of Directors, who quit after a row with AIG’s current chief executive officer, Bob Benmosche.

“At this point, I view asking the Board to choose between us would be an abdication of my responsibility to lead. Consequently, I’m resigning for the simple reason I believe it is easier to replace a chairman than a CEO – particularly a company in the midst of two major activities: (1) a major corporate restructuring, and (2) development of an exit plan from government control, both of which involve executing a long list of difficult tasks,” Golub said in his resignation letter

Miller said in a statement he believed AIG has established strong momentum over the last year, “and we remain fully committed to delivering on AIG’s core priorities: repaying taxpayers, meeting all of the company’s obligations to its various stakeholders, and restructuring the company so that it emerges as a smaller, more focused enterprise worthy of investor confidence.”

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AIG was the largest single recipient of bailout funds from the federal government’s controversial Troubled Asset Relief Program, or TARP – the same source of rescue money used to save General Motors and Chrysler. The insurance company’s business and trading practices, executive compensation, and ethics have all come under intense scrutiny since it was bailed out by the U.S. Treasury.