UNC system president Bowles reportedly offers to quit GM board

Posted April 2, 2009

— The management shakeup at General Motors (NYSE: GM) being forced by the Obama Administration may cost University of North Carolina system President Erskine Bowles his seat on the GM board.

The Bloomberg news service reported Thursday that Bowles has offered to resign from the board. It cited a “person with knowledge of the matter” as the source.

Bowles declined comment, and a GM spokesperson told Bloomberg that all 11 members remain on the board.

A former chief of staff to President Clinton, Bowles has served on the GM board since 2005.

GM Chief Executive Officer Rick Wagoner left that post on March 27 under pressure from the Obama Administration as the company continued to talk with the government about additional federal bailout funds.

“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,” Bloomberg said.


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  • beachboater Apr 3, 2009

    With the obvious success of GM under the leadership of a board of which Erskine Bowles is a member, might we question his ability to lead the UNC system?

    Face it, he got the current position with the UNC system as a political favor. Nobody can deny that. When does accountability come into play? Certainly not under Bev's administration.

  • FloydRTurbo Apr 2, 2009

    meeper .... I'm assuming you actually know Erskine personally? Since I do, that puts us on even footing.

    People who know who I am in the real world are spitting 7up out their noses right now. I'm in a urinating contest over my "Right Wing cred" .... Yee Haa. If you only new buckoo.

    I trust darn few Democrats for anything. I absolutely trust Erskine Bowles but I understand why you don't. Back off about three clicks from Michael Savage and take a deep breath.

  • meeper Apr 2, 2009

    Yeah, I can see you are a right wing kind of guy. Bowle's is on the left side of Castro and NC is NOT lucky to have him!! I hope this was April fool's or you are kidding!

  • meeper Apr 2, 2009

    I'm confused. Why would a liberal like Bowles be on a board at GM? What if they happened to make a profit? Don't they produce products that pollute the air? This must be a mistake.

  • Justabum Apr 2, 2009

    What does such a position pay?

  • james27613 Apr 2, 2009

    He is not alone, they are called professional sitters.
    they all sit on many BOD's, collect a nice paycheck plus
    expenses for travel to meetings, etc.

    Even if they don't show up, they also get stock options,
    or just shares of company stock to sit on the BOD.

    Former Sen. George Mitchell is one of these guys.

  • wp Apr 2, 2009

    he needs to give up his presidency of the unc system.

  • Nancy Apr 2, 2009

    Well, we all know now that the BofD at GM rubberstamped the now defuct CEO who misguided the GM business into the ground.

    Didn't I read that the board will be replaced as well?

  • Just the facts mam Apr 2, 2009

    It figures he is on the Board of a sinking ship - why should I not be surprised???

  • Mr. Ed Apr 2, 2009

    What does Erskie know about cars?