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.
Order free Annual Report for Ford Motor Co.
Visit http://djnewswires.ar.wilink.com/?link=F or call
1-888-301-0513
Order free Annual Report for General Motors Co.
Visit http://djnewswires.ar.wilink.com/?link=GM or call
1-888-301-0513