August 25, 2009 / 4:45 PM / 9 years ago

FACTBOX: New GM board at center of Opel talks

DETROIT (Reuters) - The new board of General Motors Co has emerged as a key player in the outcome of the automaker’s long-running talks to sell off its Opel unit.

Last week, the board failed to endorse a carefully negotiated deal that would have sold Opel to a group led by the Canadian automotive group Magna with financial backing from the government of Germany.

Instead, the board asked for more information on that bid and a rival offer from Belgium-based RHJ.

Sources with knowledge of the deliberations also told Reuters on Monday that GM was considering trying to raise $4 billion to keep Opel instead of selling the unit.

GM’s board includes members appointed by Treasury, Canada and the United Auto Workers union healthcare trust as well as GM Chief Executive Fritz Henderson, reflecting the ownership of the automaker that emerged from bankruptcy in July.

Treasury holds a more than a 60 percent stake in GM, Canada and its Ontario province holds 11.7 percent, the UAW healthcare trust 17.5 percent and creditors from the old GM, now called Motors Liquidation Co, hold a 10 percent interest.

GM is not publicly traded but plans an initial public offering as early as next year.

* CHAIRMAN: Ed Whitacre, former chairman and CEO of AT&T Inc, was selected to lead the new GM to the earlier in 2009.

* GM CEO Fritz Henderson, who succeeded Rick Wagoner in March after the former chairman and CEO was asked to step down from top spot at the automaker by the Obama administration, joined GM in 1984.

* David Bonderman, co-founding partner of private investment firm TPG in 1992, is one of the most influential figures in the U.S. private equity industry. He was a Treasury appointee to the board in July.

Bonderman has experience fixing struggling businesses — he made his name helping to pull Continental Airlines out of bankruptcy in the 1990s and turning the airline around.

* Daniel Akerson, managing director and head of global buyout at The Carlyle Group, was a Treasury appointee to the board in July.

* Erroll B. Davis Jr., chancellor of the University System of Georgia, had served on the automaker’s board through the bankruptcy process and was named to the new company’s board with its emergence in July.

* Stephen Girsky, a former Wall Street analyst and adviser to GM, represents the interests of the UAW healthcare trust.

* E. Neville Isdell, retired chairman and CEO of Coca-Cola Co, had served on the automaker’s board and joined the board of the successor company.

* Robert Krebs, retired chairman and CEO of Burlington Northern Santa Fe Corp railroad, was a Treasury appointee to the board in July.

* Kent Kresa, chairman emeritus of Northrop Grumman Corp, had served on the automaker’s board previously and joined the board of the successor company.

* Philip Laskawy, retired chairman and CEO of Ernst & Young LLP, served on the automaker’s board previously and joined the board of the successor company.

* Kathryn Marinello, chairman and CEO of Ceridian Corp, served on the automaker’s board previously and joined the board of the successor company.

* Patricia Russo, former CEO of Alcatel-Lucent, was a Treasury appointee to the board in July.

* Carol Stephenson, dean of the Richard Ivey School of Business at the University of Western Ontario, was named by Canada and the Province of Ontario as their representative on the GM board in July.

Reporting by David Bailey, editing by Matthew Lewis

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