General Motors board member Kent Kresa has reached the ripe old age of 72, and as such, he is no longer eligible for re-election to the company's controlling body.
33GM chairman Kresa admits: "Time is not on our side on trying to get things done out of bankruptcy"
If General Motors' saga were a play by Aeschylus, today marks the day when Kent Kresa, GM's interim chairman, returns from a visit to the Oracle at Delphi and informs everyone that the signs are not auspicious. There's been much talk of the bondholder issues that GM faces, and the news today is that the deadline for the debt-for-equity transaction isn't June 1 -- it's this Friday. That's when a bondholder agreement would need to be in place so GM would have everything sorted before its upcoming
According to the Detroit Free Press, General Motors interim chairman, Kent Kresa, has been asked by president Obama's administration to replenish the automaker's board with fresh blood. Kresa said that while the board did achieve "historic things" recently, like renegotiating the UAW pay scale, he also said that the board didn't fully comprehend the magnitude of the downturn.