GM's Steve Girsky is leaving the board of directors after heading up several parts of the company.
One of the key architects General Motors rehabilitation in the wake of the automaker’s 2009 bankruptcy, Stephen Girsky, will be moving on from the company’s board of directors at the company’s annual meeting in early June.
General Motors Co. Chairman and CEO Mary Barra said Girsky elected to retire and will not stand for re-election to the board of directors on which he has served since July 2009, when the company was reorganized and emerged from bankruptcy.
“On behalf of the board, we wish Steve well and want to thank him for his many significant contributions to GM over the past seven years,” said Barra.
“Steve brought to the company expertise and skills in a variety of important areas at a critical time in GM’s history. He has helped guide GM as we continue on our path to deliver long-term growth and sustained shareholder value that will benefit our owners for years to come.”
In addition to serving on GM’s board, Girsky was GM Vice Chairman from March 2010 through January 2014. During that time, he was responsible for several functional areas, including development of the company’s global corporate strategy, new business development and global research & development.
Girsky also served as Chairman of the Adam Opel AG Supervisory Board and as interim President of GM Europe during this time frame, a critical period in which the company established its current “Drive Opel 2022” strategy. He also held responsibility for GM’s Global Purchasing and Supply Chain function from 2011 to 2013, and served as Senior Advisor to General Motors from January 2014 to July 2014.
(GM to close four plants in the wake of Japanese quake. For more, Click Here.)
He was one of the top candidates to replace then-chairman and CEO Dan Akerson, who ultimately selected Barra.
“The GM that exists today is a much different and stronger company than it was when I first joined the Board seven years ago,” said Girsky.
“There have been many milestones and accomplishments that I’ve been proud to be a part of along the way, including GM’s emergence from bankruptcy, improved UAW relationship, and the continued comeback of the European business. Also, the speed in which GM is actively positioning itself to capitalize on the innovations that are shaping the future of personal mobility – specifically in the areas of electrification, 4G connectivity and autonomous – is a testament to its strong leadership team,” he said.
GM said in the proxy statement filed with the Securities Exchange Commission, Girsky will be replaced Jane Mendillo, the retired president and chief executive officer of the Harvard Management Co., the investment institution responsible for managing the university multibillion dollar endowment. At the time of her departure, the total endowment stood at more than $37 billion.
“Jane brings to the Board a demonstrated track record of performance through her decades of investment management experience,” Barra noted in a statement.
(Click Here for details about GM’s $2 billion in first quarter earnings.)
“She has generated proven results through periods of rapidly changing market conditions. Her experience and leadership will be especially valuable as we continue to strengthen our investor outreach and engagement.”
Prior to her role at HMC, Mendillo was the chief investment officer at Wellesley College from 2002 to 2008, where she built the college’s first investment office and was responsible for the investment policy and management of the college’s endowment and its related assets. Before joining Wellesley College.
GM also disclosed that Barra collected a total of $27.9 million in cash, stock options and other compensation, which reflected the company’s continuing profitability since she took over as the company’s top executive in January 2014.
GM President Dan Ammann collected compensation, totaling $11.53 million and Executive Vice President Mark Reuss received $10 million, while Chief Financial Officer Chuck Stevens, collected $8 million in total compensation.
The proxy also showed that GM paid Graig Glidden, the automaker’s Executive Vice President and chief counsel at total of $8.3 million in 2015. Glidden total compensation, included a $500,000 signing bonus shares with a grant date value of $2.55 million to replace awards being forfeited at his previous employer. after he took over from Michael Millikin, who retired when his role in GM’s ignition-switch scandal came under scrutiny. Glidden was also awarded an equity grant of $1.925 million. Glidden also participated in the one-time DSV Option Grant in 2015, collecting a total of $1.8 million.
(To see more about GM’s better-than-expected sales in China, Click Here.)
GM’s largest shareholder, according to the proxy statement, was the voluntary employees benefit association of VEBA, which pays for the health care coverage of retired GM workers who were members of the United Auto Workers. The VEBA controls 9.1% of GM’s stock.