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GM Adds eBay CEO to Board of Directors

Company updates $16.5 billion line of credit.

by on Apr.20, 2018

Devin Wenig, eBay CEO, has been recommended to joined the General Motors Board of Directors.

General Motors has reached out to Silicon Valley to obtain a new recruit for the company’s board of directors while also adding to its lines of credit.

The election of eBay CEO Devin Wenig to the board’s slate of nominees will bring GM’s Board of Directors to 11 members, 10 of whom are non-employee directors. Wenig will stand for election at GM’s Annual Meeting of Shareholders on June 12, 2018.

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“Devin brings significant expertise in technology, global operations and strategic planning to our board,” said GM Chairman and CEO Mary Barra. 

“His experience in customer-facing roles and insights into digital marketplaces will enhance our current and future business priorities at a critical time in the company’s journey,” she said.

(Brand boss de Nysschen out in Shake up at Cadillac. Click Here for the story.)

General Motors CEO Mary Barra said that Devin Wenig will bring a broad perspective to the board.

Wenig, 51, was appointed president and chief executive officer of eBay in July 2015. He joined the company in 2011 to oversee eBay’s Marketplace business as its president. Before joining eBay Wenig spent more than 18 years at Thomson Reuters, and was Chief Executive Officer of Thomson Reuters Markets for the last four.

Wenig earned a bachelor’s degree from Union College and a Juris Doctor from Columbia University Law School. He is a co-chair of the Governors of the Consumer Industries for the World Economic Forum, member of the Business Council and a trustee of the Paley Media Center.

(Click Here for details about the layoffs at Lordstown plant.)

General Motors Co. also announced the execution of an unsecured $16.5 billion revolving credit facility that amends and extends GM’s existing $14.5 billion revolving credit facility and establishes a new $2.0 billion, 364-day facility.

The renewed facility consists of a $10.5 billion five-year facility, a $4 billion three-year facility, and a $2 billion 364-day facility. GM has allocated the full $2 billion 364-day facility for exclusive use by GM Financial. Total available credit to the company’s automotive busines under the facility remains unchanged at $14.5 billion.

(To see more about GM shutting down plants, Click Here.)

A total of 47 financial institutions from 15 countries participated in the broadly syndicated transaction, underscoring the global scope of GM’s operations, GM said.

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