Now that Saturn is tentatively going to Roger Penske, Stephen Girsky has got some free time on his hands. Girsky, who was one of Rick Wagoner's advisors for a brief time and recently helped GM select Penske as a buyer for Saturn, has been around the automotive block analyzing the industry for Morgan Stanley as well as working at Centerbridge Partners in recent years. His tenure with Centerbridge Partners was during the time that this equity concern was trying to snatch Chrysler from the clutches of Daimler.
It has been announced that Girsky will get a seat on the board of the new General Motors to represent the UAW, whom Girsky helped with the dead-end GM/Chrysler deal last fall. Having at least one person upstairs at the RenCen who actually keeps an eye on the car business is a good thing, even if Girsky has professed his admiration for the way Ford does things in the past. OEM Supplier Dana Corporation also pays Girsky over $100,000 per year to sit on that company's board. The GM board seat comes in exchange for the concessions that retirees have made in an attempt to keep the wounded, lumbering mammoth that is General Motors from fossilization.
[Source: Automotive News - sub. req'd]
It has been announced that Girsky will get a seat on the board of the new General Motors to represent the UAW, whom Girsky helped with the dead-end GM/Chrysler deal last fall. Having at least one person upstairs at the RenCen who actually keeps an eye on the car business is a good thing, even if Girsky has professed his admiration for the way Ford does things in the past. OEM Supplier Dana Corporation also pays Girsky over $100,000 per year to sit on that company's board. The GM board seat comes in exchange for the concessions that retirees have made in an attempt to keep the wounded, lumbering mammoth that is General Motors from fossilization.
[Source: Automotive News - sub. req'd]
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