Group LLC adds five new names to its board of directors, completing the 9-member board that will provide oversight to the auto maker, which recently emerged from Chapter 11.
“The formal creation of our board of directors is another important step toward building a viableGroup for the long term,” C. Robert Kidder, acting chairman of the board, says in a statement, noting the new board is expected to hold its first meeting July 29.
“Our board members bring a wealth of talent and experience in areas such as transportation, finance and investing, energy and government.”
Kidder, chairman and CEO of 3Stone Advisors LLC, was named to the Chrysler board of directors May 20, joining two other government appointees: Sergio Marchionne, CEO of Chrysler Group andSpA and Alfredo Altavilla, CEO of Fiat Powertrain Technologies. James J. Blanchard, former governor of Michigan, was named to the board by the United Auto Workers union, which holds a large stake in the new Chrysler.
The newest board members include George F.J. Gosbee, chairman, CEO and president of Tristone Capital Inc.; Douglas Steenland, former CEO of Northwest Airlines; Scott Stuart, a founding partner of Sageview Capital LLC; Ronald L. Thompson, chairman of the board of trustees for Teachers Insurance and Annuity Assn.; and Stephen Wolf, chairman of R.R. Donnelley & Sons Co.
Chrysler emerged from bankruptcy June 11, with the U.S. government taking an 8% stake in the new company in exchange for $9 billion in loans. Italy’sholds a 20% and is providing small-car designs and engines to build and sell in the U.S.
“While Chrysler Group is a private company, the board is focused on supplying the strong governance that would be expected of a public company,” Kidder says. “We are looking forward to working as a single team to provide the oversight, guidance and expertise that will help make Chrysler Group successful.”