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GM board member Kresa retires

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GM board member Kresa retires

David Shepardson / Detroit News Washington Bureau

Kent Kresa, who led General Motors Co. as chairman during its most difficult days last year, is retiring from the automaker's board of directors, GM said today.

GM said Kresa, 72, was retiring in accordance with company guidelines that say members are ineligible for re-election after the age of 72.

"Kent provided calm leadership and sensible guidance as GM's interim chairman during what was a period of intense change, challenge and uncertainty for the company," GM Chairman and CEO Edward Whitacre Jr. said. "We thank Kent with enormous gratitude for his dedicated service and many contributions to GM."

When the Obama administration forced out GM Chairman and CEO Rick Wagoner in March 2009, it named Kresa, chairman emeritus of Northrop Grumman Corp., as interim board chairman. Kresa led the automaker's board for about three months and presided over the board's decision to file for bankruptcy protection a year ago.

In a June 2009 interview, Steve Rattner, who was President Barack Obama's auto czar, praised Kresa's service as chairman, noting that he took the job on short notice.

His tenure as chairman ended when most of the company's assets were sold to the new, post-bankruptcy General Motors Co.

As part of the management shakeup, the U.S. Treasury Department, which assumed a 61 percent stake in GM Co., named Whitacre, a former AT&T CEO, as chairman.

Kresa was one of the old GM directors who became a director at the new GM. Kresa headed the board's investment funds committee and is a member of its audit committee.

During his tenure, Kresa helped recruit four new members of GM's board.

GM added a 13th board member in April, naming Cynthia Telles, an associate clinical professor at the University of California at Los Angeles.

Kresa retired from Northrop in 2003 after 13 years as chairman and CEO, when he helped turn around the company that he started with in 1976.

"Drawing from his experiences at Northrop, one of the world's leading aeronautics companies, Kent was adamant that GM keep up with or lead key technological advances for the industry," Whitacre said. "And that's one of our biggest strengths today."

In addition to the GM board, Kresa is a director at Fluor Corp., an engineering, procurement and construction company headquartered in Irving, Texas; and at MannKind Corp., of Valencia, Calif., a biopharmaceutical company that focuses on finding therapeutic products for diseases such as diabetes and cancer.

From The Detroit News: http://detnews.com/article/20100803/AUTO01/8030412/1148/auto01/GM-board-member-Kresa-retires#ixzz0vaHJIyPW

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GM board member Kresa retiring, led automaker as interim chairman last year

by Zach Bowman (RSS feed) on Aug 4th 2010 at 6:01PM

General Motors board member Kent Kresa has reached the ripe old age of 72, and as such, he is no longer eligible for re-election to the company's controlling body.

Kresa originally came to GM after retiring from Northrop Grumman Corp. where he helped lead the aviation giant through troubled waters of its own. Kresa joined 'old GM' in 2003 and served on the board until the company's bankruptcy in 2009. You might best recall that Kresa stepped into the chairman slot left vacant when former CEO Rick Wagoner left the company just prior to The General entering into Chapter 11. When 'new GM' formed its board, the executive was there to lend his experience in leading a company through difficult financial decisions.

Kresa was also instrumental in bringing in a wide array of new talent onto the GM board, including the company's 13th board member, Cynthia Tulles. Don't expect Kresa to be spending his days playing shuffleboard, though. He also serves on a number of other corporate boards, including Fluor Corp in Irving, Texas and MannKind Corp in Valencia, California. Hit the jump for the GM press release.



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