General Motors, the U.S. based automaker wants to add two new directors to its board – the chief executive of oil company ConocoPhillips – James J. Mulva and the former CEO of engine-maker Cummins Inc – Theodore M. (Tim).
The company is asking shareholders to approve the appointments and re-elect the current 12 directors at its annual stockholders meeting 9:30 a.m. June 12 at the Renaissance Center in Detroit.
“The addition of Jim and Tim to our board of directors will bring significant global experience in leading large, complex companies as well as new business perspectives to strengthen our company,” said Dan Akerson, GM chairman and chief executive officer.
“Jim’s extensive experience and expertise in the energy industry and in-depth background in finance will be invaluable to GM. Tim’s background in diesel engine manufacturing and engineering, and compliance with challenging emissions regulations will allow him to contribute significantly to our global product development strategies.”
Mulva, who also serves on General Electric’s board, is expected to retire from ConocoPhillips on Tuesday.
Solso retired from Cummins in December after 40 years at the company, which designs and manufactures engines.
On the same time, GM said its Chief Executive Dan Akerson earned $7.7 million in cash and stock in 2011, the year the automaker reclaimed its global sales crown and boosted its annual profit by 62 percent.