Kresa originally came to GM after retiring from Northrop Grumman Corp. where he helped lead the aviation giant through troubled waters of its own. Kresa joined 'old GM' in 2003 and served on the board until the company's bankruptcy in 2009. You might best recall that Kresa stepped into the chairman slot left vacant when former CEO Rick Wagoner left the company just prior to The General entering into Chapter 11. When 'new GM' formed its board, the executive was there to lend his experience in leading a company through difficult financial decisions.
Kresa was also instrumental in bringing in a wide array of new talent onto the GM board, including the company's 13th board member, Cynthia Tulles. Don't expect Kresa to be spending his days playing shuffleboard, though. He also serves on a number of other corporate boards, including Fluor Corp in Irving, Texas and MannKind Corp in Valencia, California. Hit the jump for the GM press release.
[Sources: General Motors, The Detroit News]
General Motors Co. today announced that Kent Kresa has retired from the company's board of directors. In accordance with company guidelines, members are ineligible for re-election after the age of 72.
Kresa, 72, was appointed to the board of the old GM in October 2003, after retiring as chairman of Northrop Grumman Corp. He served on the board of old GM through July 9, 2009, and was then elected to the board of the new GM on July 10, 2009. During his tenure, he has served on the Investment Fund, Director and Corporate Governance and Audit committees.
"Drawing from his experiences at Northrop, one of the world's leading aeronautics companies, Kent was adamant that GM keep up with or lead key technological advances for the industry. And that's one of our biggest strengths today," said GM Chairman and CEO, Ed E. Whitacre, Jr.
"Having led Northrop through crisis and renewal, Kent provided calm leadership and sensible guidance as the GM's interim Chairman during what was a period of intense change, challenge and uncertainty for the company," Whitacre said. "We thank Kent with enormous gratitude for his dedicated service and many contributions to GM."