U.S. Treasury Names Two Appointees to Ally Financial's Board

Date : 08/15/2012 @ 1:35PM
Source : Dow Jones News
Stock : Citigroup, Inc. (C)
Quote : 73.53  0.65 (0.89%) @ 6:46PM

U.S. Treasury Names Two Appointees to Ally Financial's Board

Ford Motor (NYSE:F)
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   By Tom Barkley 
 

WASHINGTON--The U.S. Treasury announced two appointees to Ally Financial Inc.'s board of directors, exercising its right as part of its bailout of the largest U.S. auto lender during the financial crisis.

The two new board members have experience with restructurings, as well as the transportation sector, the Treasury said. They were approved at an Ally shareholder meeting along with the reelection of current board members.

Gerald Greenwald, founder of a private equity firm Greenbriar Equity Group, focused on transportation, was previously chief executive for United Airlines and held senior positions at Ford Motor Co. (F) and Chrysler Corp.

Henry Miller, who has served as chairman of Marblegate Asset Management LLC since it was formed in 2009, has played a leadership role in restructurings for a number of firms.

Timothy Massad, assistant Treasury secretary for financial stability, said in a statement the two men will contribute to Ally's "efforts to repay taxpayers and support the auto industry recovery."

Ally, the largest U.S. auto lender, is the former in-house financing arm of GM, and at the time was known as GMAC. It is now 74%-owned by the U.S. government after it received a bailout of more than $17 billion as part of the government's $85 billion rescue of the auto industry during the 2009 financial crisis.

Write to Tom Barkley at tom.barkley@dowjones.com.

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