Today, August 16th, the U.S. Treasury Department named two directors for Ally Financial.
The company is currently 74% owned by the government, which offered several bailouts during the financial crisis. Henry Miller and Gerald Greenwald were named today at a meeting of the common stockholders of the company.
“Gerald and Henry are valued additions to the Ally board,” said Ally Chairman Franklin (Fritz) Hobbs. “They bring extensive experience from both the financial and auto sectors and will add key perspectives as Ally continues its transformation. We are pleased to have these two seasoned leaders join the board.”
Miller, who has an extensive experience in corporate bankruptcies, currently sits on the board of American International Group Inc., while Greenwald was previously CEO of United Airlines until 1995 and then worked at Ford Motor Co. and Chrysler Corp. The company hopes that the new directors will make a valuable contribution to the board, in it continuous attempt to repay taxpayers and achieve a quick auto recovery.
After GMAC Financial Services became a separate company and was renamed, it was hardly hit by losses during the financial crisis and was forced to file for bankruptcy. In May Ally announced it plans to sell its operation in Canada, Europe and Mexico in an attempt to repay the US taxpayers. GM said it is among the bidders for Ally’s international operations.