General Motors Co. (NYSE:GM) said Tuesday it has elected Thomas Schoewe, a former executive vice president and chief financial officer of Wal-Mart Stores Inc. (NYSE:WMT), to the car company’s board of directors.
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.
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Schoewe already serves on the boards of directors of KKR Management LLC, Northrop Grumman Corp. (NYSE:NOC) and PulteGroup Inc. (NYSE: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.