Steve Girsky named to GM board as representative of UAW trust

Dave Barkholz

Automotive News | June 18, 2009 – 4:23 pm EST


Steve Girsky named to GM board as representative of UAW trust

Steve Girsky has been named to the board of bankrupt General Motors as the sole representative of a UAW-administered retiree health care trust.

Girsky, a former Wall Street analyst who worked briefly for GM, is president of business consultancy S.J. Girsky and Co. in New York. He recently helped the automaker select retailer Penske Automotive Group as a buyer for the Saturn brand.

The trust, known as a Voluntary Employee Beneficiary Association, received one GM board seat in exchange for massive concessions made to reduce the automaker’s $20 billion obligation to the VEBA. Girsky’s appointment was announced by the union.

The trust will own 17.5 percent of GM when it exits bankruptcy.

Girsky formerly worked as a senior auto analyst with Morgan Stanley. He also counseled former GM CEO Rick Wagoner for about a year through mid-2006 and advised Centerbridge Partners LP in 2007 when the private equity firm tried to buy Chrysler from Daimler AG. He later became president of Centerbridge.

Last fall, the UAW hired Girsky as an adviser on a possible GM-Chrysler merger. He also is a director of auto parts supplier Dana Holding Corp.

GM two weeks ago said that former AT&T Inc. CEO Ed Whitacre will become chairman of the reorganized automaker when it exits bankruptcy.

GM, which filed for court protection on June 1, plans a quick sale process that would allow a much smaller company to emerge in as little as 60 days under the majority ownership of the U.S. Treasury.

Reuters contributed to this report.


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