April 2 (Bloomberg) — General Motors Corp. director Erskine Bowles offered to resign as the Obama administration seeks changes on the board of the government-supported automaker, a person with knowledge of the matter said.
The administration asked Chief Executive Officer Rick Wagoner to step down on March 27 and said it wants a majority of board members replaced after determining GM’s recovery plan was insufficient. Bowles, 63, is the University of North Carolina’s president and served as President Bill Clinton’s chief of staff.
Several directors offered to resign during the board meeting last week and agreed to stay while replacements are selected, said another person familiar with the situation. Kent Kresa, appointed non-executive chairman by the government this week, said March 31 he wants six new board candidates by August.
Bowles has been a director since 2005. Of greater interest — as the Left begins to target how executive pay at GM compares with that of UAW workers — is that Bowles was on GM’s “Executive Compensation Committee.”