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Thursday, July 23, 2009

GM Names Five Members to Board of Directors

By Lauren Covello

FOXBusiness

Fresh off its emergence from bankruptcy, General Motors named five new members to its board of directors Thursday, bringing the total to 13.

The new members include Carol Stephenson, a dean at the University of Western Ontario and former member of the GM Canada Advisory Board; Daniel Akerson, a managing director at The Carlyle Group; David Bonderman, co-founding partner at TPG; Robert Krebs, former chairman and CEO of Burlington Northern Santa Fe; and Patricia Russo, former CEO at Alcatel-Lucent.

Chairman of the Board Edward E. Whitacre Jr. said he has faith the new slate of directors has the experience and diversity to steer GM back onto solid ground.

“The collective expertise of the new [board of directors] is vital at this time as GM seeks to redefine itself as the vehicle design and customer care leader of the extremely competitive auto business,” said Edward E. Whitacre Jr., chairman of the board.

The full board includes 10 representatives nominated by the Treasury Department, one nominated by the Canadian government and one nominated by the Auto Workers Retiree Medical Benefits Trust. Fritz Henderson, GM’s president and CEO, also sits on the board.

GM also appointed Anne T. Larin to the position of corporate secretary on Thursday. Larin, who has been at the company since 1990, formerly served as GM’s lead attorney for Securities and Exchange Commission reporting and secretary to the board audit committee.

GM has emerged from bankruptcy, but left a “bad GM” company (GMGMQ) still in bankruptcy. Meanwhile, rival Ford Motor (F) on Thursday reported that it had a profitable second quarter.

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