He played a critical role in saving Chrysler three decades ago, and now the U.S. Treasury is hoping one of the maker’s top former executives can work the same magic at struggling Ally Financial, one of the companies bailed out by the government in 2009.
A turnaround is more than academic for taxpayers. The Treasury still owns a 70% stake in Ally, formerly known as General Motors Acceptance Corp. The firm continues trying to dig out from the financial crisis of 2008 and a disastrous foray into the mortgage business.
Ally said Gerald Greenwald, former chairman and chief executive officer of United Airlines and vice chairman of Chrysler Corp., will join its board along with Henry S. Miller, an experienced private equity executive. Both were nominated by the Treasury Department.
“Gerald and Henry are valued additions to the Ally board,” said Ally Chairman Franklin Hobbs. “They bring extensive experience from both the financial and auto sectors and will add key perspectives as Ally continues its transformation. We are pleased to have these two seasoned leaders join the board.”