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Posts Tagged ‘GM Board of Directors’

GM Hits Diversity Milestone with Board Appointment

Half company's board is now women.

by on Jun.08, 2016

GM Chairman and CEO Mary Barra is the most visible component of change in the male-dominated culture that used to exist at the automaker.

In an industry with a long history of being unfriendly to women, General Motors has passed what amounts to a unique and historic milestone.

Six of the 12 seats on General Motors board of directors are now occupied by women. One of the women directors is Mary Barra, who in 2013 was chosen by the board to become GM’s first female to serve as the top executive.

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The gender balance on the board was reached this week at GM’s annual shareholders meeting in Detroit when Jane Mendillo, the former head of Harvard University’s Management Co., which is responsible for investing the university’s endowment, replaced Steve Girsky on the GM board. (more…)

UAW Likely to Get Seat on GM Board of Directors

Union’s health care trust nominates UAW VP Ashton.

by on Apr.28, 2014

UAW Vice President Joe Ashton was nominated to the General Motors' Board of Directors.

Change is in the air at General Motors as the company’s board will likely have a top official from the United Auto Workers for the first time in history. If elected, it will be the second union-influenced nominee on the board.

UAW Vice President Joe Ashton has been nominated to fill a seat on the company’s board of directors, GM said in a proxy statement for its 2014 annual meeting of stockholders with the U.S. Securities and Exchange Commission.

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The UAW Retiree Medical Benefits Trust, also known as the VEBA, put Ashton on the ballot. He is scheduled to give up his post as head of the UAW’s GM Department in June following the UAW constitutional convention. If elected, Ashton will begin his board term in August. (more…)

GM CEO Whitacre Steps Down in September!

Board member Dan Akerson takes over; Government appointed Whitacre remains as Chairman of Board until year end.

by on Aug.12, 2010

Another outsider takes over as General Motors CEO.

It was always his intent to move on the moment General Motors Company was back on its feet,  GM CEO Ed Whitacre, 68, said today at the close of a press conference discussing second quarter results. So with GM’s second straight quarterly profit just announced,  Whitacre will resign as CEO of the U.S.’s largest automaker, effective September first.

Taking Whitacre’s place is board member Dan Akerson, 61, who joined last year as GM was emerging from bankruptcy in July.

Whitacre will stay on as Chairman of the Board until year end, at which time Akerson will also assume that post.

“My goal in coming to General Motors was to help restore profitability, build a strong market position, and position this iconic company for success,” said Whitacre. “We are clearly on that path.  A strong foundation is in place and I am comfortable with the timing of my decision.”

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GM Europe Head Resigns Over Opel Sale Decision

Carl-Peter Forster, GM group vp and president of Opel leaves.

by on Nov.06, 2009

 Aufedersein Carl Peter.

Auf wiedersehen Carl-Peter Forster as the Opel/Vauxhaul survival saga continues.

Carl-Peter Forster will be leaving his role as head of European operations and “will advise” the company during the transition to find a new CEO, it was announced by GM today.

Insiders say Forster was taken by surprise by the sudden reversal on Monday by the GM Board of Directors to reject a sale of Opel/Vauxhall to Canadian auto supplier Magna and Sberbank, a large Russian financial institution.

Forster had been a vocal supporter of the sale, as had been German Chancellor Angela Merkel and the German Metal Workers union. The Magna sale was thought to protect more jobs and plants in Germany, while imposing greater burdens on Opel/Vauxhall operations elsewhere in Europe, than a competing bid from a Belgium based investment group.

It was not immediately clear if  Forster was pushed out or he left in a dispute over how many jobs and plants would be closed in an impending revised Opel reorganization, which will be undertaken by GM alone, if government and labor union approvals are forthcoming. Perhaps, Forster pushed the Board too hard to accept a German favored solution.

GM claimed that no other management changes to the Opel Europe organization are being considered at this time, and that all key management roles remain while the search for a CEO for  Opel Europe commences.

GM insiders say it needs to cut at least 30% in structural costs, eliminate 10,000 jobs and close one or more plants for Opel to be viable. The cost of the restructuring is estimated at €3 billion, or $4.5 billion.

Forster will be replaced temporarily by Nick Reilly, the British head of GM’s international operations.

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GM Board Writes Their Own Obit and Defense

New GM emerging from bankruptcy will have a new board.

by on Jun.01, 2009

Kent Kresa has been a General Motors board member since October of 2003.

Kent Kresa, GM board member since October of 2003, is experienced with losses. From 2005 to 2009, GM burned more than $40 billion in cash, net worth dropped more than $100 billion.

“The General Motors Board of Directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many. Today marks a new beginning for General Motors. A court-supervised process and transfer of assets will enable a New GM to emerge as a stronger, healthier, more focused and nimbler company with a determination not to just survive but to excel,” said Kent Kresa, the interim chairman, who replaced Rick Wagoner when  the Obama administration fired him last month.

“The Board concluded that the proposed transformation will maximize the value of the enterprise, and the return to the many stakeholders who have been involved with GM over the years,” Kresa said this morning.

Whether the board fulfilled its fiduciary responsibility will be part of the legal challenges to its members during bankruptcy hearings by objecting creditors and bondholders, hence the existence of this statement.

“We are appreciative of the support from the U.S. Treasury, the President’s Task Force on Autos, the UAW and its members, salaried employees and retirees, concurring bondholders, and very importantly, the American taxpayers. The Board is confident that this New GM can operate successfully in the intensely competitive U.S. market and around the world. The Board stands behind the people of GM in embracing this unique opportunity to create value and a new company that will design, engineer, build and market the best cars and trucks in world,” said Kresa.

The President, on March 30th, announced that a majority of the directors of New General Motors would be new, so by implication, some existing directors will continue with New GM and some new ones will appear. They will be selected based on consultations between Kresa, his colleagues and the Auto Task Force.

Fritz Henderson’s future?

Senior administration officials were non-committal about GM CEO Fritz Henderson’s future, but said they expected his relationship with the board of directors to continue. Since CEOs serve at the pleasure of the board and a new board is coming, Henderson’s future is unclear. At Chrysler both the Chairman and the CEO are being replaced in the New Chrysler.   (more…)