US Treasury names Henry Miller, Gerald Greenwald to Ally’s board

Article by Anita Panait, on August 17, 2012

The US Treasury Department has appointed Henry Miller and Gerald Greenwald as new members of the board of directors of Ally Financial Inc. With Miller and Greenwald on the board, the US Treasury now has filled all the seats allotted for it. Ally’s common shareholders meeting held recently approved the appointments to the 11-member board.

The meeting also saw the re-election of current Ally board members. Miller and Greenwald are expected to bring their experience in restructuring and transportation to Ally Financial. Miller, the retired co-founder of Miller Buckfire & Co, has tackled several infamous corporate bankruptcies and is currently a member of the board of American International Group Inc.

Greenwald, on the other hand, was chief executive of United Airlines in 1994 and 1995, and was with Ford Motor Co. and Chrysler Corp. Miller and Greenwald are expected to play a role in a finance company that is 74-percent owned by the US government through the US Treasury.

Ally is currently selling off its international operations in order to focus on its US auto lending operations and its Internet bank. Timothy Massad, the US Treasury's assistant secretary for financial stability, said that Miller and Greenwald would make a valuable contribution to Ally’s board as the finance firm “moves forward on its continued efforts to repay taxpayers,” and support the recovery of the auto industry.

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