GM Elects Former Wal-Mart Exec Schoewe to Board

By Industrials FOXBusiness

General Motors Co. (GM) said Tuesday it has elected Thomas Schoewe, a former executive vice president and chief financial officer of Wal-Mart Stores Inc. (WMT), to the car company’s board of directors.

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Schoewe, 59, was Black & Decker Corp.’s senior vice president and CFO before joining Wal-Mart, where he was responsible of accounting and controls, internal auditing and business planning from 2000 to 2010.

Schoewe already serves on the boards of directors of KKR Management LLC, Northrop Grumman Corp. (NOC) and PulteGroup Inc. (PHM). His election by General Motors brings the company’s board of directors to a total of 12 members, including 10 non-employee directors.

“We’re fortunate to have Tom join GM’s board of directors,” GM chairman and chief executive Dan Akerson said in a statement. “He brings a wealth of business planning, financial experience and proven leadership, gained over more than 35 years at leading consumer-facing companies. We’re eager to begin leveraging his expertise as we work to profitably grow GM’s business globally.”

Shares of General Motors outpaced the broader market Tuesday morning, climbing 1% to $23.22 per share. The company’s stock is down $13.65, or 37%, on the year.

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