GM board member Kent Kresa will retire as a director as soon as July

Article by Christian A., on August 26, 2010

Sources say that General Motors Co. board member Kent Kresa is likely to retire as a director in July. Kresa, who served as interim chairman during GM's bankruptcy, joined the board in 2003. Last March, he turned 72 and will not stand for re-election.

These sources said that last April, GM appointed a 13th director, Cynthia Telles, an associate clinical professor at the University of California at Los Angeles. She is set to replace Kresa as soon as he retires.

Kresa's retirement leaves four directors from the old General Motors Corp. and eight new ones who joined since the new GM emerged from bankruptcy. 

Charles Elson, director of the Charles L. Weinberg Center for Corporate Governance at the University of Delaware, said that this ratio could sway potential investors into believing that GM's board has a fresh perspective as it prepares for an initial stock sale.

Elson added that having "new blood" makes sense. Meanwhile, another director Kathryn Marinello submitted her resignation from GM's board after she left her last job as chairman and CEO of human resources firm Ceridian Corp. last January.

According to GM's corporate governance guidelines, when a director's job changes "from the position he or she held when originally invited to join the board," the director should file a resignation letter. [via autonews]

Topics: gm, united states

If you liked the article, share on:

Comments

Recommended

A lot of us know Singer Vehicle Design and their signature work of reimagining Porsche 911s, and making them look like hot rods from the 70s. They are not alone...
by - August 20, 2017
August 17, 2017 is a sad day for the Dodge Viper, its fans, enthusiasts and its admirers. It is the day when the last Dodge Viper rolled off the assembly...
by - August 20, 2017
A few months ago, Mercedes-Benz promised that they will be treating everyone to a “big surprise” during the Monterey Car Week. And true enough, many of us were stunned as...
by - August 19, 2017
McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries