Philip Laskawy to retire from GM Board of Directors
Feb 01, 2013 (Detroit Free Press - McClatchy-Tribune Information Services via COMTEX) --
The longest-serving member of General Motors' Board of Directors plans to relinquish his seat, the automaker revealed today.
GM said in a filing with the U.S. Securities and Exchange Commission that Philip Laskawy will retire from the board "immediately prior" to GM's annual meeting, which is likely to take place in June.
Laskaway, retired chairman and CEO of Ernst & Young, served on the board of Old GM for six years before it filed for bankruptcy in June 2009.
Laskaway's exit leaves the new GM board with three members who served before the automaker's $49.5-billion bailout from the U.S. government:
--Stream Global Services CEO Kathryn Marinello, who served on the board of Old GM from 2007 to July 2009.
--Former Coca-Cola Co. CEO E. Neville Isdell, who served on the board of Old GM from 2008 to July 2009.
--Atlanta Public Schools Superintendent Erroll B. Davis Jr., who served on the board of Old GM from 2007 to July 2009.
GM also disclosed today that Admiral Michael Mullen, former chairman of the U.S. Joint Chiefs of Staff, who was elected to the board effective today, would receive the standard board compensation of $200,000 in addition to a company vehicle and insurance.
He is required to defer at least 50% of his retainer to company stock that can't be cashed out until he leaves the board.
Contact: Nathan Bomey at 313-223-4743 or email@example.com. On Twitter, follow @NathanBomey or @freepautos.
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