GM names former Wal-Mart executive to its board

[November 16, 2011]  DETROIT (AP) -- General Motors has named former Wal-Mart Chief Financial Officer Thomas Schoewe (Show-ee) to its board of directors.

The addition gives the GM board 12 members. The company says 10 of them are not company employees.

General Motors Co. Chairman and CEO Dan Akerson says Schoewe brings business planning and financial experience to the board. Akerson says he has more than 35 years of experience leading consumer-oriented companies.

The 59-year-old Schoewe was responsible for Wal-Mart's accounting and financial controls from 2000 to 2010. Before Wal-Mart Stores Inc., he was CFO for Black & Decker Corp.

Schoewe also is on the boards of KKR Management LLC, Northrop Grumman Corp. and PulteGroup Inc.

GM is in the process of cutting costs and rolling out new vehicles to raise its profit margins across the globe.

[Associated Press]

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