General Motors Co. said Tuesday that it expects one board member to retire before its 2014 annual meeting of stockholders this year, while another board member has told the board he doesn’t plan to seek re-election.
The Detroit automaker, in a regulatory filing, said David Bonderman,71, late last month told the company he doesn’t intend to ask for re-election. GM also expects Robert D. Krebs,71, will retire from the board just before the annual meeting due to GM’s policy that requires board members retire by the age of 72. GM’s annual meeting is typically held in June, but no date this year has been announced.
GM said Bonderman and Krebs joined the board in July 2009. They were appointed by the U.S. Treasury Department as part of the company’s exit from bankruptcy in 2009. The government sold its final stake in GM in December 2013.
GM spokesman Dave Roman said it will be the board’s decision whether to fill Bonderman or Krebs’ seats.
GM’s board has 14 members including GM CEO Mary Barra. She was appointed to the board last month after she took over CEO duties from retiring Chairman and CEO Dan Akerson. The board’s new chairman is Theodore M. “Tim” Solso. He’s a retired chairman and CEO of Cummins Inc. and took over as chairman of GM’s board on Jan. 15.
“On behalf of the board, I thank David and Rob for their dedicated service and significant contributions in building today’s GM,” Solso said in a statement.
Bonderman is co-founding partner and managing general partner of private investment firm TPG. He also is chairman of the board for Ryanair Holdings and is a director of CoStar Group Inc., Caesars Entertainment Corp. and Energy Future Holdings Corp. Krebs was CEO and chairman of Burlington Northern Santa Fe Corp.
“I enjoyed serving on the GM Board and I’m proud to have been part of the company’s resurgence,” Bonderman said in a statement. “I’m sure that Mary Barra and her team will keep GM moving forward.”