GM chairman looks to change half of board members

[rickaren]

GM chairman looks to change half of board members

Posted Wednesday, Apr 15, 2009, 1:37 pm in Employee News


Kent Kresa, General Motors Corp.’s new interim chairman of its board of directors, is actively interviewing potential new board members with a goal of changing at least half of GM’s governing body by June, as requested by the Obama administration, according to the Detroit Free Press.

In an interview today with the Free Press, Kresa said he would still prefer to see GM reshaped outside of bankruptcy court. But he’s talking daily with CEO Fritz Henderson about all options, including a bankruptcy that would separate the company into a so-called good GM, including Chevrolet and Cadillac, and an old GM of debt and surplus brands and plants to be liquidated, the Free Press said.

There are “problems and risks” associated with bankruptcy, Kresa told the Free Press, but it’s impossible to predict how GM’s future will unfold.

Chrysler LLC has a tighter 30-day deadline to show a new viability plan to the government by the end of this month, as opposed to GM’s 60-day window, so talks with the UAW and bondholder groups are currently more intense at Chrysler, Kresa told the paper. (Detroit Free Press)