Enviado: 6/12/2002 16:20Treasury Secretary O'Neill To Resign After Speculation
WASHINGTON -- Treasury Secretary Paul O'Neill announced his resignation Friday, effective in the next few weeks.
"It has been a privilege to serve the nation during these challenging times. I thank you for that opportunity," Mr. O'Neill wrote in a letter to President George W. Bush.
Mr. O'Neill, 67 years old, was sworn in as Treasury Secretary on Jan. 20, 2001. Speculation about Mr. O'Neill's possible resignation has swirled for months, but had tempered somewhat following the November elections. While in office, Mr. O'Neill has been criticized for his maverick views and for being out of touch with financial markets.
A former executive of aluminum-giant Alcoa Inc. (AA), Mr. O'Neill attempted to bring a business-management perspective to his role as cabinet secretary. In his letter to the president, he wished the administration well.
"I wish you every success as you provide leadership and inspiration for America and for the world," Mr. O'Neill said.
Treasury spokeswoman Michele Davis said Mr. O'Neill addressed senior staff Friday morning to announce his resignation.
"As the secretary told the senior staff this morning, there are lots of other important things to do in life," Ms. Davis said.
"Back in December of 2000, he was planning to retire and devote himself to improving health care and education in Pittsburgh. I'm sure he will return to those important projects. He told the senior staff that he appreciated their support, wisdom and energy. He encouraged them to remain focused and true to their sworn responsibilities," said Ms. Davis.
-Deborah Lagomarsino and Rebecca Christie, Dow Jones Newswires; 202-862-9255; deborah.lagomarsino@dowjones.com
Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved.
WASHINGTON -- Treasury Secretary Paul O'Neill announced his resignation Friday, effective in the next few weeks.
"It has been a privilege to serve the nation during these challenging times. I thank you for that opportunity," Mr. O'Neill wrote in a letter to President George W. Bush.
Mr. O'Neill, 67 years old, was sworn in as Treasury Secretary on Jan. 20, 2001. Speculation about Mr. O'Neill's possible resignation has swirled for months, but had tempered somewhat following the November elections. While in office, Mr. O'Neill has been criticized for his maverick views and for being out of touch with financial markets.
A former executive of aluminum-giant Alcoa Inc. (AA), Mr. O'Neill attempted to bring a business-management perspective to his role as cabinet secretary. In his letter to the president, he wished the administration well.
"I wish you every success as you provide leadership and inspiration for America and for the world," Mr. O'Neill said.
Treasury spokeswoman Michele Davis said Mr. O'Neill addressed senior staff Friday morning to announce his resignation.
"As the secretary told the senior staff this morning, there are lots of other important things to do in life," Ms. Davis said.
"Back in December of 2000, he was planning to retire and devote himself to improving health care and education in Pittsburgh. I'm sure he will return to those important projects. He told the senior staff that he appreciated their support, wisdom and energy. He encouraged them to remain focused and true to their sworn responsibilities," said Ms. Davis.
-Deborah Lagomarsino and Rebecca Christie, Dow Jones Newswires; 202-862-9255; deborah.lagomarsino@dowjones.com
Copyright (c) 2002 Dow Jones & Company, Inc.
All Rights Reserved.