February 4, 2014 / 5:09 PM / 5 years ago

Two GM directors to leave board later this year

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. REUTERS/Jeff Kowalsky/Files

DETROIT (Reuters) - General Motors Co (GM.N) said on Tuesday that two of its outside directors will leave the U.S. automaker’s board later this year.

David Bonderman, 71, told the Detroit company on January 29 that he would not stand for re-election at the annual meeting in June, while Robert Krebs, 72, will retire immediately, prior to the meeting, in accordance with company policy regarding retirement age.

The company didn’t provide a reason for Bonderman’s exit.

Both have been board members since July 2009, following GM’s exit from bankruptcy. The company reorganized with the help of a $49.5-billion U.S. taxpayer bailout, and last month, Mary Barra took over as chief executive, becoming the auto industry’s first woman CEO.

“I’m proud to have been part of the company’s resurgence,” Bonderman said in a statement by GM. “I’m sure that Mary Barra and her team will keep GM moving forward.”

GM spokesman Dave Roman did not say whether both men would be replaced on the board, which has 14 members including Barra.

Including Bonderman and Krebs, there are 12 outside directors on GM’s board. The board includes former Vice Chairman Steve Girsky, who remains a senior advisor until April.

Bonderman is co-founding partner and managing general partner of private equity firm TPG CapitalTPG.UL. Krebs retired as chairman of Burlington Northern Santa Fe Corp BNI.UL in 2002 and had previously served as chairman and CEO of the railroad company from 1999 to 2000.

Reporting by Ben Klayman in Detroit; Editing by Bernadette Baum

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