UAW's Gettelfinger Calls on Georgine to Resign as Head of ULLICO

DETROIT, April 14 -- In an address today to the state convention of the Michigan AFL-CIO, UAW President Ron Gettelfinger called for the resignation of Robert Georgine as chairman and chief executive of ULLICO, the union-owned life insurance company.

An independent report by former Illinois governor and U.S. Attorney James Thompson found "compelling evidence" that ULLICO directors breached their fiduciary duty to shareholders.

"Union leaders must adhere to the highest standards of ethical conduct. Period," said Gettelfinger.

"AFL-CIO President John Sweeney has called on ULLICO's directors to return profits made from stock trading. We support that, but the UAW does not believe that goes far enough.

"We call for ULLICO's chairman and Chief Executive Robert Georgine to step down and end this embarrassment to the labor movement. America's union members deserve no less," Gettelfinger said.

ULLICO directors commissioned the Thompson report to address allegations of insider trading by company directors and officers, but then refused to release the report.

The UAW, a ULLICO shareholder, filed suit to force release of the report. It was eventually released and states there is "compelling evidence" that ULLICO members violated their fiduciary duties when they structured stock programs to benefit themselves.