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General Motors appoints five new board members

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DETROIT (Reuters) -- General Motors Co. said today that five members have been added to its board of directors, completing the formation of a restructured board after the company emerged from bankruptcy earlier this month.

GM, which completed 39 days of Chapter 11 bankruptcy protection July 10 after selling its best assets to a new company funded by the U.S. Treasury, said that Daniel F. Akerson, David Bonderman, Robert D. Krebs, Patricia Russo have been designated to the board by the U.S. Treasury.

Akerson is managing director of private equity firm Carlyle Group, Bonderman is founding partner of private equity firm TPG Capital, and Russo is former CEO of Lucent Technologies.

GM is more than 60 percent owned by the U.S. Treasury.

The Canadian government and the government of Canadian province Ontario, which hold 11.7 percent, have designated Carol Stephenson to the board.

The new members join eight other directors on GM's board, which includes Chairman Ed Whitacre, former chairman Kent Kresa and CEO Fritz Henderson.

Each member of the board who is not a GM employee will be paid a cash annual retainer of $200,000 for serving on the board, GM said.


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