The trustees of the Voluntary Employee Beneficiary Association (VEBA) for retired UAW-represented workers at GM have named analyst Stephen Girsky as a director of the new GM.
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The VEBA trustees have the right to name a director of the corporation, with consent of the UAW.
Girsky is currently heading his own consulting firm, but is better known as a leading Wall Street analyst. He served for many years as the head of the autos research team at Morgan Stanley.
Girsky will represent the VEBA’s interest in GM when it completes its government-brokered bankruptcy reorganisation. Under terms of the deal, the VEBA will own 17.5% of the new GM.
Girsky also served as a special advisor to former GM CEO Rick Wagoner from August 2005 to June 2006. More recently, he brokered a deal to sell GM’s Saturn division to Roger Penske. In recent years, he has also served as an advisor to UAW President Ron Gettelfinger.
Former AT&T chief Edward Whitacre will be chairman of the new GM, which will be 70% owned by the US Treasury and the Canadian and Ontario governments. About half of GM’s board is being replaced.
GM said in a brief statement that it is pleased with the selection of Girsky as a member to the Board of Directors of the New GM.
The statement added: ‘Girsky’s vast experience as a leading auto industry analyst and broad knowledge of our business make him a strong candidate to the Board of the New GM. Upon emergence of the New GM, his broad-based experience and no-nonsense approach will provide tremendous value to the Board and the management team as the company moves forward.’
