Two of General Motors’ outside directors are set to leave the board this year. David Bonderman has informed the carmaker that he would not stand for re-election at the annual shareholders meeting set in June. Meanwhile, Robert Krebs will retire immediately, prior to the meeting, in line with company policy on retirement age.
He is 72. Both have been board members since July 2009, following the carmaker’s emergence from bankruptcy. GM underwent a bankruptcy reorganization and received a $49.5-billion US taxpayer bailout. It now led by Mary Barra. "I'm proud to have been part of the company's resurgence," Bonderman said in a statement by GM.
"I'm sure that Mary Barra and her team will keep GM moving forward." GM’s board currently consists of 14 members, including Barra. Of which, 12 are outside board members, including Bonderman and Krebs as well as former Vice Chairman Steve Girsky, who will remain a senior advisor until this April. Bonderman is co-founding partner and managing general partner of TPG Capital. Krebs retired as chairman of Burlington Northern Santa Fe Corp. in 2002.