Summary
General Motors Co. (GM) announced the election of Linda R. Gooden to its Board of Directors, effective February 5, 2015. Ms. Gooden has been deemed an independent director according to both NYSE listing standards and GM's internal guidelines. This appointment brings new expertise to the board, which is crucial for strategic oversight and governance of the company. Investors should note that Ms. Gooden will not initially serve on any board committees. Her compensation structure aligns with that of other non-employee directors, including an annual retainer and deferred compensation plan tied to GM stock units.
Key Highlights
- 1Linda R. Gooden was elected to the General Motors Company Board of Directors as of February 5, 2015.
- 2Ms. Gooden has been classified as an independent director by both NYSE standards and GM's corporate governance guidelines.
- 3Ms. Gooden will receive an annual retainer of $250,000 (prorated for 2015) for her board service.
- 4As part of her compensation, Ms. Gooden will have the use of up to two company vehicles and personal accident insurance.
- 5Under GM's Deferred Compensation Plan for Non-Employee Directors, Ms. Gooden is required to defer 50% of her retainer into GM stock units.
- 6She may also elect to defer additional compensation into deferred share units, with payouts occurring after her departure from the board.
Frequently Asked Questions
Linda R. Gooden is a newly elected member of the General Motors Company Board of Directors, effective February 5, 2015. While the filing does not specify her professional background or the exact reasons for her appointment, her election signifies an addition to the board's oversight and strategic guidance capabilities. She has been confirmed as an independent director.
Ms. Gooden will receive an annual retainer of $250,000, which will be prorated for the portion of 2015 she serves on the board. In addition to cash compensation, she is entitled to the use of up to two company vehicles and personal accident insurance. She is also subject to GM's Deferred Compensation Plan for Non-Employee Directors.
Under the plan, Ms. Gooden is mandated to defer 50% of her annual retainer into GM Common Stock units. She has the option to defer an additional 50% of her remaining compensation into more stock units. These deferred amounts, along with any growth, will be paid out in cash after she retires or leaves the board, valued at the average stock price of the preceding quarter.
At the time of this filing on February 5, 2015, Ms. Gooden had not been assigned to any specific committees of the Board of Directors.