February 3, 2009 / 10:03 PM / 10 years ago

GM director quits, offers support for management

DETROIT, Feb 3 (Reuters) - General Motors Corp (GM.N) said on Tuesday Percy Barnevik, one of the longest-serving directors at the automaker, had resigned his board seat.

Barnevik, the retired chairman of AstraZeneca (AZN.L) and chairman of GM’s public policy committee, said he was resigning for personal reasons and offered his support for management.

“I remain a strong supporter of management and the Board of GM, and of the direction the company is taking,” Barnevick said. He joined GM’s board in 1996.

“I wish the GM team ongoing success as they implement their restructuring plan and position the company for long-term viability and success in this most challenging of global industries,” he said.

Barnevik’s resignation takes GM’s board to 12 members. The Detroit-based automaker did not say immediately whether he would be replaced.

GM’s board came under scrutiny in late 2008 as the automaker made its case for a federal bailout and some lawmakers suggested that senior management should be changed.

GM Chief Executive Rick Wagoner, who also chairs the board, has said he intends to stay on as the company attempts a turnaround after receiving $13.4 billion in emergency federal funding.

GM’s sales for January dropped 49 percent. The automaker faces a Feb. 17 deadline to show to U.S. officials that it can be made viable after winning concessions from its major union and bondholders. (Reporting by Kevin Krolicki; editing by Leslie Gevirtz)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below