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It was particularly hurtful to learn that Billy Nutt had been replaced as CEO of Greensboro's struggling United Guaranty Corp.

In times like these, companies will do what they have to do to stay alive.

United Guaranty is a part of embattled insurance giant AIG, and we all know its travails from national headlines. United lost $2.5 billion in 2008 as the subprime mortgage meltdown ripped gashes in the nation's insurance and investment industries.

But Nutt deserved better. He worked at United Guaranty for 30 years and was known not only as a solid businessman but a passionate advocate for his community.

You could hear his affection for Greensboro in his voice. He wasn't involved in community affairs because it looked good. He genuinely believed in the city as a special place to live, work and raise a family. Still does.

Aside from a brief written statement released two weeks ago, Nutt had not spoken to reporters at this writing. Even if he did, it's not likely he'd sing his own praises.

But ask others about his contributions to Greensboro, and they have plenty to say. You name it, Nutt has been involved: United Way, the city's PGA Tour golf tournament, the successful effort to bring Elon University Law School to downtown Greensboro.

United Guaranty has consistently been one of the most generous supporters of the city's ubiquitous economic booster group, Action Greensboro. United Guaranty was the largest corporate donor to the campaign to build Center City Park and consistently has been one of the top two financial supporters of the "Businesses for Excellence in Education" initiative that rallies money and resources for the Guilford County Schools.

Nutt reminds me of another key business leader whose affection for Greensboro was obvious: Dennis Glass of Jefferson Pilot, now Lincoln Financial.

If not for Glass, the Center Pointe tower downtown probably would have wound up a pile of rubble like the old King Cotton Hotel ... a blank space in the skyline instead of an exciting new addition to it.

Glass made certain that developer Roy Carroll II could purchase the building from JP for a bargain and added parking access to JP's deck for good measure.

Hearing Glass' speech about Greensboro in a dinner with young professionals a few years ago was both impressive and inspiring. These weren't canned remarks crafted by some faceless PR specialist. And they were made without one single prepared note, by a man who knew the streets and neighborhoods here.

But, alas, Glass was whisked off to Philadelphia when Lincoln Financial acquired JP in 2006.

There still are a precious few like Nutt and Glass left in Greensboro. But not nearly as many as there used to be ... captains of industry who did business around the globe but never forgot where home was.

That said, the cupboard of corporate and business leadership is hardly bare. Even though the city's roster of corporate headquarters has shrunk, its business leadership still holds considerable clout, and promise:

l CEO Tim Rice of Moses Cone Health System is involved in a number of organizations and key initiatives, including the War Memorial Commission and the efforts to lure a new pharmacy school to UNCG.

l Eric Wiseman, president and CEO of VF Corp., has managed to balance the global demands of his business with an uncommon interest in and knowledge of local affairs. He has been particularly involved in the Greensboro Partnership, the umbrella organization of Action Greensboro, the Chamber of Commerce, and Greensboro Economic Development Alliance.

l Dennis Quaintance, the Greensboro-based hotelier and restaurateur, has made a state, local and national reputation for investing, successfully, in green building initiatives. His Proximity Hotel has won international acclaim.

Then there are bright new university presidents in Harold Martin at N.C. A&T as well as Linda Brady at UNCG.

The list goes on: George Johnson, dean of the Elon Law School, Ralph Shelton of Southeast Fuels, Deborah Hooper of WFMY (Channel 2), the various foundation presidents and a formidable network of grass-roots and neighborhood leaders.

Part of the value of these leaders is not only what they do, but what they empower and encourage others to do. High Point University President Nido Qubein, a charismatic leader in his own right, recalls weighing the decision on whether becoming HPU's CEO would be a good fit.

Former Jefferson-Pilot CEO Roger Soles pulled him aside and advised him, in so many words, to go for it.

And the rest, as they say, is history.