David Bonderman, 71, told the Detroit company on January 29 that he
would not stand for re-election at the annual meeting in June, while
Robert Krebs, 72, will retire immediately, prior to the meeting, in
accordance with company policy regarding retirement age.
The company didn't provide a reason for Bonderman's exit.
Both have been board members since July 2009, following GM's exit
from bankruptcy. The company reorganized with the help of a
$49.5-billion U.S. taxpayer bailout, and last month, Mary Barra took
over as chief executive, becoming the auto industry's first woman
"I'm proud to have been part of the company's resurgence," Bonderman
said in a statement by GM. "I'm sure that Mary Barra and her team
will keep GM moving forward."
GM spokesman Dave Roman did not say whether both men would be
replaced on the board, which has 14 members including Barra.
[to top of second column]
Including Bonderman and Krebs, there are 12 outside directors on
GM's board. The board includes former Vice Chairman Steve Girsky,
who remains a senior advisor until April.
Bonderman is co-founding partner and managing general partner of
private equity firm TPG Capital<TPG.UL>. Krebs retired as chairman
of Burlington Northern Santa Fe Corp <BNI.UL> in 2002 and had
previously served as chairman and CEO of the railroad company from
1999 to 2000.
(Reporting by Ben Klayman in Detroit;
editing by Bernadette Baum)
[© 2014 Thomson Reuters. All rights
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.