The wealth of Saul Steinberg’s prominent New York family has plunged so sharply that Steinberg has hired a turnaround artist to help save the family empire.
The family’s business — insurance giant Reliance Group Holdings, which is 43-percent owned by the Steinbergs — is on a shaky footing with mounting losses that have spooked investors, who have been bailing out in droves.
The company’s market value has plunged this past year from nearly $2 billion to just $325 million as of last week.
But bringing in veteran fix-it specialist Robert S. “Steve” Miller has already started to pay off for the Steinbergs. The company’s stock has inched up to $4 on word of Miller’s arrival, up from a record low last week of $2.81 a share.
Reliance announced formally yesterday that Miller will take over the post of president, which had been held by 60-year-old Saul Steinberg’s younger brother, Robert, 57, until he was kicked upstairs to vice chairman last week.
Other family members in the company are Saul’s son, Jonathan, and his brother-in-law, Bruce Sokoloff.
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