With the new General Motors out of bankruptcy, the next big step for the 101-year-old automaker is to restructure its management to reflect the company's new direction, as well as its smaller size. To that end, GM has announced a new, smaller lead executive team comprising of nine total members, including CEO Fritz Henderson. Missing from the team are manufacturing head Gary Cowger and GM North America President Troy Clarke, who are among six GM execs who elected to retire. Among the notable lead execs are marketing and communications Vice Chairman Bob Lutz, Product Development head Tom Stephens and U.S. Sales VP Mark LeNeve.
Also announced were the last five members to be elected to the GM board. In all, the U.S. government selected 10 board members, while the Canadian government and United Auto Workers each selected one. Fritz Henderson is the 13th board member. Among the new board members is TPS founder David Bonderman, who just so happens to be one of the richest people on earth. Bonderman reportedly spend $7 million on his 60th birthday party, which included performances by John Mellencamp and the Rolling Stones. To his credit, TPS is an equity firm that has so far weathered the shaky financial markets. Hit the jump to look over the two GM press releases.
[Source: General Motors]
GM Leadership PRESS RELEASE:
DETROIT - General Motors Company today announced the formation of the executive committee that will lead the new GM, as well as a number of leadership appointments and retirements.
New Executive Committee
On July 10, Fritz Henderson, GM president and CEO, announced that GM would speed day-to-day decision making by replacing two senior leadership forums, the Automotive Strategy Board and Automotive Product Board, with a single, smaller executive committee. Led by Henderson, the executive committee membership will include:
* Bob Lutz, vice chairman, marketing and communications;
* Tom Stephens, vice chairman, global product development;
* Nick Reilly, executive vice president, GM International Operations;
* Ray Young, executive vice president, chief financial officer;
* Tim Lee, group vice president, global manufacturing and labor relations;
* John Smith, group vice president, corporate planning and alliances, and secretary of the executive committee;
* Mark LaNeve, vice president, U.S. sales;
* Bob Socia, vice president, global purchasing and supply chain.
Leadership Appointments and Retirements
Tim Lee, currently GM North America vice president, manufacturing, will become a group vice president, responsible for global manufacturing and labor relations. Prior to his current assignment, Lee, 58, was GM Europe vice president of manufacturing. He has also served as executive director of manufacturing engineering, as plant manager at several U.S. facilities, and in several leadership positions at Isuzu Motors in Japan.
Gary Cowger, group vice president, global manufacturing and labor relations, will retire at the end of the year. Until then, at Henderson's request, Cowger will assume responsibility for the integration of Delphi facilities being acquired by GM and for the preparation and launch of a new battery assembly facility, details of which will be announced in the near future. Cowger, 62, joined GM as a co-op student at the Kansas City, Kansas plant, and served in various manufacturing and leadership roles in the U.S., Mexico and Europe, including chairman and managing director of Adam Opel AG and president and managing director of GM de Mexico. Prior to his current assignment, Cowger was president of GM North America.
Terry Kline, currently process information officer, product development, will be named vice president, information systems and services, and chief information officer. Kline, 47, joined GM in 2001 from New Venture Gear, where he was vice president and chief information officer. He has also served as executive director, global product development for information systems and services, and as interim chief information officer for GM Asia Pacific.
Ralph Szygenda, group vice president and chief information officer, will be retiring effective October 1. Szygenda, 60, joined GM in 1996 as vice president and chief information officer from Bell Atlantic, where he was vice president and chief information officer. Prior to that, Szygenda held a number of positions at Texas Instruments, including vice president for information systems and services and chief information officer. He also served as vice president and general manager of TI's Enterprise Systems Business Unit.
Troy Clarke, group vice president and president, GM North America, will retire effective October 1. Clarke, 54, joined GM in 1973 as a co-op student at Pontiac Motor Division, and has served in a number of leadership positions at GM, including group vice president and president of GM Asia Pacific, group vice president of manufacturing and labor relations, and president and managing director of GM de Mexico. Henderson will assume responsibilities for GM's North American operations.
Maureen Kempston Darkes, group vice president, GM Latin America, Africa and Middle-East, will retire at the end of this year. Kempston Darkes, 60, previously served as president and general manager of GM Canada. She also held a number of legal and finance positions in both the U.S. and Canada, including general counsel and secretary, and vice president for corporate affairs, both for GM Canada. Oversight of the countries in GM's LAAM region will move to the GM International Operations, based in Shanghai.
Michael Grimaldi, GM Vice President and CEO GM Daewoo, will retire effective October 1. Grimaldi, 57, previously served as president and general manager of GM Canada, general manager, Field Sales, Service and Parts - North America VSSM and Vehicle Line Executive for Full Size Trucks. He also held a number of finance and planning positions. A replacement for Grimaldi will be announced by International Operations.
Sales and Marketing Appointments
In the GM Sales and Marketing organizations, the following appointments have been announced:
As previously confirmed, Mark LaNeve, has been named vice president, U.S. sales, reporting to Henderson.
Brent Dewar, 54, currently GME vice president, sales, marketing, and aftersales, will become vice president, global Chevrolet brand. He will be responsible for the Chevrolet brand in North America and Chevrolet brand coordination on a global basis.
Susan Docherty, 46, currently North America vice president, Buick-GMC channel, will be named general manager, Buick-GMC brands.
Bryan Nesbitt, 40, currently North America vice president, design, will become general manager, Cadillac brand.
Jay Spenchian, 50, currently executive director, marketing strategy support group, will continue in his role.
Dewar, Docherty, Nesbitt, and Spenchian will report to Lutz, effective August 1.
Jim Bunnell, 54, currently executive director, sales support group, will be named general manager, sales operations.
Steve Hill, 49, currently general sales manager, premium channel, will be named general manager, retail sales support.
Kurt McNeil, 45, currently general sales manager, Chevrolet sales, will continue in this role.
Ed Peper, 47, currently GM North America vice president, Chevrolet channel, will be named general sales manager, Cadillac sales.
Brian Sweeney, 42, currently general sales manager, Buick-GMC sales, will continue in his role.
Bunnell, Hill, McNeil, Peper, and Sweeney will report to LaNeve, effective August 1.
Jonathan Browning, 50, currently GM Vice President, Global Sales, Service and Marketing, has elected to leave the company on October 1 to pursue other interests. He will not be replaced and his staff will be merged into the North America and GMIO operations.
"With these announcements, most of the new GM leadership team is in place," Henderson said.
"We expect to have the final round of announcements next week.
"I'd like to congratulate the leaders who are assuming new positions, and personally thank Jonathan Browning, Troy Clarke, Gary Cowger, Michael Grimaldi, Maureen Kempston Darkes and Ralph Szygenda for their leadership during an extraordinary period for GM. Their years of dedicated work have helped create the foundation for a new GM, and we wish them the best as they move into the next chapters of their lives."
GM Board PRESS RELEASE:
13-member board brings diverse industry experience to guide the new company
New Slate of GM Board of Directors Members Selected
DETROIT – General Motors Company today named the five newest members of its board of directors (BOD). The GM directors, elected to the GM BOD on July 20, include:
* Carol Stephenson, dean of Ivey School of Business at University of Western Ontario, and has been a member of the GM Canada Advisory Board
* Daniel Akerson, managing director, The Carlyle Group
* David Bonderman, co-founding partner, TPG
* Robert Krebs, retired chairman and chief executive officer, Burlington Northern Santa Fe
* Patricia Russo, former chief executive officer, Alcatel-Lucent
Led by Chairman of the Board Edward E. Whitacre Jr., former chairman and CEO of AT&T Inc., the 13-member board includes 10 representatives nominated by the United States Treasury, one representative nominated by the governments of Canada and Ontario and one representative nominated by the United Auto Workers Retiree Medical Benefits Trust, and Fritz Henderson, General Motors Company president and chief executive officer serves as the thirteenth member.
The retiree benefits trust selected veteran auto industry analyst Stephen Girsky as its board nominee last month. Also serving on the board of directors of General Motors Company are six members of the former General Motors Corporation board: Erroll Davis, Jr., chancellor, University Systems of Georgia; Fritz Henderson, president and CEO, GM Company; Neville Isdell, retired chairman and CEO, The Coca-Cola Company; Kent Kresa, chairman emeritus, Northrop Grumman Corporation; Philip Laskawy, retired chairman and CEO, Ernst & Young LLP; Kathryn Marinello, chairman and CEO, Ceridian Corp.
"The members of this new board of directors bring immense experience and diverse perspectives to the table, and that's exactly what GM needs," said Whitacre. "The collective expertise of the new BOD is vital at this time as GM seeks to redefine itself as the vehicle design and customer care leader of the extremely competitive auto business."
Committee participation by the BOD members will be announced at a later date. Additional biographical information on each of the new board members can be found at the end of this release.
Also announced today is the appointment of Anne T. Larin as the Corporate Secretary for General Motors Company. Since joining GM in 1990, Larin has served in a variety of roles including l ead attorney for SEC reporting and secretary to board audit committee. Prior to joining GM, Larin was an associate at Munger, Tolles & Olson in Los Angeles and clerked for Judge Cornelia Kennedy on the U.S. Court of Appeals. Larin earned her J.D. from the University of Michigan Law School.
Biographical summaries the newest GM BOD members
Daniel F. Akerson (60) has been managing director and co-head of the U.S. Buyout Fund of The Carlyle Group since 2003. He previously served as chairman and chief executive officer of XO Communications from 1999 to 2003. He served as chairman of Nextel Communications from 1996 to 2001 and chief executive officer from 1996 to 1999. Mr. Akerson is also a member of the board of American Express Company.
David Bonderman (66) is co-founding partner and managing general partner of TPG, a private investment firm founded in 1992. Prior to forming TPG, Mr. Bonderman served as chief operating officer of Robert M. Bass Group and a partner at Arnold & Porter LLP. Mr. Bonderman is also chairman of Ryanair Holdings PLC and a member of the board of CoStar Group, Inc., and Gemalto N.V., among others.
Stephen J. Girsky (47) is president of S. J. Girsky & Co., an independent advisory firm based in New York. Most recently, he was president of Centerbridge Industrial Partners, LLC, an affiliate of Centerbridge Partners, L.P., a private investment firm. Prior to joining Centerbridge, Mr. Girsky was a special advisor to the CEO and CFO of General Motors Corporation from 2005 to 2006. Mr. Girsky has also been an advisor to the UAW. Mr. Girsky also served as managing director at Morgan Stanley and a senior analyst of the Morgan Stanley automotive and auto parts research team. Mr. Girsky is also a former lead director of the board of Dana Holding Corporation.
Robert D. Krebs (67) is a retired chairman and CEO of Burlington Northern Santa Fe Corporation (BNSF), where he served as Chairman from 2000 until 2002. He previously served as chairman and CEO of BNSF from 1999 until December 2000 and as chairman, president and CEO from 1997 to May 1999. Mr. Krebs is also a member of the board of UAL Corporation.
Patricia F. Russo (57) is former CEO of Alcatel-Lucent S.A., where she served from 2006 to 2008. Prior to the merger of Alcatel and Lucent in 2006, she served as chairman and CEO of Lucent Technologies, Inc. Prior to rejoining Lucent in 2002, Ms. Russo was president and COO of Eastman Kodak Company. Ms. Russo is also a member of the boards of directors of Alcoa Inc., and Schering-Plough Corporation.
Carol Stephenson (58) has been Dean of the Richard Ivey School of Business at The University of Western Ontario since 2003. She previously spent many years in the Canadian telecom industry, serving as president and CEO of Lucent Technologies Canada from 1999 to 2003. Ms. Stephenson is also a member of the board of directors of Intact Financial Services Corporation (formerly ING Canada) and has been a member of the General Motors of Canada Advisory Board.
Also announced were the last five members to be elected to the GM board. In all, the U.S. government selected 10 board members, while the Canadian government and United Auto Workers each selected one. Fritz Henderson is the 13th board member. Among the new board members is TPS founder David Bonderman, who just so happens to be one of the richest people on earth. Bonderman reportedly spend $7 million on his 60th birthday party, which included performances by John Mellencamp and the Rolling Stones. To his credit, TPS is an equity firm that has so far weathered the shaky financial markets. Hit the jump to look over the two GM press releases.
[Source: General Motors]
GM Leadership PRESS RELEASE:
DETROIT - General Motors Company today announced the formation of the executive committee that will lead the new GM, as well as a number of leadership appointments and retirements.
New Executive Committee
On July 10, Fritz Henderson, GM president and CEO, announced that GM would speed day-to-day decision making by replacing two senior leadership forums, the Automotive Strategy Board and Automotive Product Board, with a single, smaller executive committee. Led by Henderson, the executive committee membership will include:
* Bob Lutz, vice chairman, marketing and communications;
* Tom Stephens, vice chairman, global product development;
* Nick Reilly, executive vice president, GM International Operations;
* Ray Young, executive vice president, chief financial officer;
* Tim Lee, group vice president, global manufacturing and labor relations;
* John Smith, group vice president, corporate planning and alliances, and secretary of the executive committee;
* Mark LaNeve, vice president, U.S. sales;
* Bob Socia, vice president, global purchasing and supply chain.
Leadership Appointments and Retirements
Tim Lee, currently GM North America vice president, manufacturing, will become a group vice president, responsible for global manufacturing and labor relations. Prior to his current assignment, Lee, 58, was GM Europe vice president of manufacturing. He has also served as executive director of manufacturing engineering, as plant manager at several U.S. facilities, and in several leadership positions at Isuzu Motors in Japan.
Gary Cowger, group vice president, global manufacturing and labor relations, will retire at the end of the year. Until then, at Henderson's request, Cowger will assume responsibility for the integration of Delphi facilities being acquired by GM and for the preparation and launch of a new battery assembly facility, details of which will be announced in the near future. Cowger, 62, joined GM as a co-op student at the Kansas City, Kansas plant, and served in various manufacturing and leadership roles in the U.S., Mexico and Europe, including chairman and managing director of Adam Opel AG and president and managing director of GM de Mexico. Prior to his current assignment, Cowger was president of GM North America.
Terry Kline, currently process information officer, product development, will be named vice president, information systems and services, and chief information officer. Kline, 47, joined GM in 2001 from New Venture Gear, where he was vice president and chief information officer. He has also served as executive director, global product development for information systems and services, and as interim chief information officer for GM Asia Pacific.
Ralph Szygenda, group vice president and chief information officer, will be retiring effective October 1. Szygenda, 60, joined GM in 1996 as vice president and chief information officer from Bell Atlantic, where he was vice president and chief information officer. Prior to that, Szygenda held a number of positions at Texas Instruments, including vice president for information systems and services and chief information officer. He also served as vice president and general manager of TI's Enterprise Systems Business Unit.
Troy Clarke, group vice president and president, GM North America, will retire effective October 1. Clarke, 54, joined GM in 1973 as a co-op student at Pontiac Motor Division, and has served in a number of leadership positions at GM, including group vice president and president of GM Asia Pacific, group vice president of manufacturing and labor relations, and president and managing director of GM de Mexico. Henderson will assume responsibilities for GM's North American operations.
Maureen Kempston Darkes, group vice president, GM Latin America, Africa and Middle-East, will retire at the end of this year. Kempston Darkes, 60, previously served as president and general manager of GM Canada. She also held a number of legal and finance positions in both the U.S. and Canada, including general counsel and secretary, and vice president for corporate affairs, both for GM Canada. Oversight of the countries in GM's LAAM region will move to the GM International Operations, based in Shanghai.
Michael Grimaldi, GM Vice President and CEO GM Daewoo, will retire effective October 1. Grimaldi, 57, previously served as president and general manager of GM Canada, general manager, Field Sales, Service and Parts - North America VSSM and Vehicle Line Executive for Full Size Trucks. He also held a number of finance and planning positions. A replacement for Grimaldi will be announced by International Operations.
Sales and Marketing Appointments
In the GM Sales and Marketing organizations, the following appointments have been announced:
As previously confirmed, Mark LaNeve, has been named vice president, U.S. sales, reporting to Henderson.
Brent Dewar, 54, currently GME vice president, sales, marketing, and aftersales, will become vice president, global Chevrolet brand. He will be responsible for the Chevrolet brand in North America and Chevrolet brand coordination on a global basis.
Susan Docherty, 46, currently North America vice president, Buick-GMC channel, will be named general manager, Buick-GMC brands.
Bryan Nesbitt, 40, currently North America vice president, design, will become general manager, Cadillac brand.
Jay Spenchian, 50, currently executive director, marketing strategy support group, will continue in his role.
Dewar, Docherty, Nesbitt, and Spenchian will report to Lutz, effective August 1.
Jim Bunnell, 54, currently executive director, sales support group, will be named general manager, sales operations.
Steve Hill, 49, currently general sales manager, premium channel, will be named general manager, retail sales support.
Kurt McNeil, 45, currently general sales manager, Chevrolet sales, will continue in this role.
Ed Peper, 47, currently GM North America vice president, Chevrolet channel, will be named general sales manager, Cadillac sales.
Brian Sweeney, 42, currently general sales manager, Buick-GMC sales, will continue in his role.
Bunnell, Hill, McNeil, Peper, and Sweeney will report to LaNeve, effective August 1.
Jonathan Browning, 50, currently GM Vice President, Global Sales, Service and Marketing, has elected to leave the company on October 1 to pursue other interests. He will not be replaced and his staff will be merged into the North America and GMIO operations.
"With these announcements, most of the new GM leadership team is in place," Henderson said.
"We expect to have the final round of announcements next week.
"I'd like to congratulate the leaders who are assuming new positions, and personally thank Jonathan Browning, Troy Clarke, Gary Cowger, Michael Grimaldi, Maureen Kempston Darkes and Ralph Szygenda for their leadership during an extraordinary period for GM. Their years of dedicated work have helped create the foundation for a new GM, and we wish them the best as they move into the next chapters of their lives."
GM Board PRESS RELEASE:
13-member board brings diverse industry experience to guide the new company
New Slate of GM Board of Directors Members Selected
DETROIT – General Motors Company today named the five newest members of its board of directors (BOD). The GM directors, elected to the GM BOD on July 20, include:
* Carol Stephenson, dean of Ivey School of Business at University of Western Ontario, and has been a member of the GM Canada Advisory Board
* Daniel Akerson, managing director, The Carlyle Group
* David Bonderman, co-founding partner, TPG
* Robert Krebs, retired chairman and chief executive officer, Burlington Northern Santa Fe
* Patricia Russo, former chief executive officer, Alcatel-Lucent
Led by Chairman of the Board Edward E. Whitacre Jr., former chairman and CEO of AT&T Inc., the 13-member board includes 10 representatives nominated by the United States Treasury, one representative nominated by the governments of Canada and Ontario and one representative nominated by the United Auto Workers Retiree Medical Benefits Trust, and Fritz Henderson, General Motors Company president and chief executive officer serves as the thirteenth member.
The retiree benefits trust selected veteran auto industry analyst Stephen Girsky as its board nominee last month. Also serving on the board of directors of General Motors Company are six members of the former General Motors Corporation board: Erroll Davis, Jr., chancellor, University Systems of Georgia; Fritz Henderson, president and CEO, GM Company; Neville Isdell, retired chairman and CEO, The Coca-Cola Company; Kent Kresa, chairman emeritus, Northrop Grumman Corporation; Philip Laskawy, retired chairman and CEO, Ernst & Young LLP; Kathryn Marinello, chairman and CEO, Ceridian Corp.
"The members of this new board of directors bring immense experience and diverse perspectives to the table, and that's exactly what GM needs," said Whitacre. "The collective expertise of the new BOD is vital at this time as GM seeks to redefine itself as the vehicle design and customer care leader of the extremely competitive auto business."
Committee participation by the BOD members will be announced at a later date. Additional biographical information on each of the new board members can be found at the end of this release.
Also announced today is the appointment of Anne T. Larin as the Corporate Secretary for General Motors Company. Since joining GM in 1990, Larin has served in a variety of roles including l ead attorney for SEC reporting and secretary to board audit committee. Prior to joining GM, Larin was an associate at Munger, Tolles & Olson in Los Angeles and clerked for Judge Cornelia Kennedy on the U.S. Court of Appeals. Larin earned her J.D. from the University of Michigan Law School.
Biographical summaries the newest GM BOD members
Daniel F. Akerson (60) has been managing director and co-head of the U.S. Buyout Fund of The Carlyle Group since 2003. He previously served as chairman and chief executive officer of XO Communications from 1999 to 2003. He served as chairman of Nextel Communications from 1996 to 2001 and chief executive officer from 1996 to 1999. Mr. Akerson is also a member of the board of American Express Company.
David Bonderman (66) is co-founding partner and managing general partner of TPG, a private investment firm founded in 1992. Prior to forming TPG, Mr. Bonderman served as chief operating officer of Robert M. Bass Group and a partner at Arnold & Porter LLP. Mr. Bonderman is also chairman of Ryanair Holdings PLC and a member of the board of CoStar Group, Inc., and Gemalto N.V., among others.
Stephen J. Girsky (47) is president of S. J. Girsky & Co., an independent advisory firm based in New York. Most recently, he was president of Centerbridge Industrial Partners, LLC, an affiliate of Centerbridge Partners, L.P., a private investment firm. Prior to joining Centerbridge, Mr. Girsky was a special advisor to the CEO and CFO of General Motors Corporation from 2005 to 2006. Mr. Girsky has also been an advisor to the UAW. Mr. Girsky also served as managing director at Morgan Stanley and a senior analyst of the Morgan Stanley automotive and auto parts research team. Mr. Girsky is also a former lead director of the board of Dana Holding Corporation.
Robert D. Krebs (67) is a retired chairman and CEO of Burlington Northern Santa Fe Corporation (BNSF), where he served as Chairman from 2000 until 2002. He previously served as chairman and CEO of BNSF from 1999 until December 2000 and as chairman, president and CEO from 1997 to May 1999. Mr. Krebs is also a member of the board of UAL Corporation.
Patricia F. Russo (57) is former CEO of Alcatel-Lucent S.A., where she served from 2006 to 2008. Prior to the merger of Alcatel and Lucent in 2006, she served as chairman and CEO of Lucent Technologies, Inc. Prior to rejoining Lucent in 2002, Ms. Russo was president and COO of Eastman Kodak Company. Ms. Russo is also a member of the boards of directors of Alcoa Inc., and Schering-Plough Corporation.
Carol Stephenson (58) has been Dean of the Richard Ivey School of Business at The University of Western Ontario since 2003. She previously spent many years in the Canadian telecom industry, serving as president and CEO of Lucent Technologies Canada from 1999 to 2003. Ms. Stephenson is also a member of the board of directors of Intact Financial Services Corporation (formerly ING Canada) and has been a member of the General Motors of Canada Advisory Board.
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