Business

UNC system president Bowles reportedly offers to quit GM board

Posted April 2, 2009 2:22 p.m. EDT
Updated April 2, 2009 2:26 p.m. EDT

— 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.