Who is Judith A. Miscik and why has she been appointed to GM's Board?

Judith A. Miscik has been elected as a new independent director to the General Motors Company Board of Directors. Her appointment signifies a change in the board's composition and expertise. The filing does not specify the exact reasons for her appointment beyond her meeting independence criteria.

What is the compensation for the new director, Judith A. Miscik?

Ms. Miscik will receive an annual retainer of $285,000, which will be prorated based on her start date. She will also receive personal accident insurance and be eligible for the company vehicle program.

How much of Ms. Miscik's compensation is deferred, and when will she receive it?

Ms. Miscik is required to defer 50% of her annual retainer into Deferred Share Units (DSUs). She also has the option to defer 50% or 100% of her remaining compensation into DSUs. The deferred amounts will only be available for payout in cash after she retires or leaves the Board, with the value based on the average daily market price for the quarter preceding the payout.

Is Ms. Miscik currently on any Board committees?

As of the filing date, Ms. Miscik had not yet been named to any committees of the Board.

GM 8-K: Leadership Changes

Summary

General Motors Company (GM) announced a change to its Board of Directors through an 8-K filing on October 10, 2018. The company elected Judith A. Miscik as a new independent director, effective October 8, 2018. Ms. Miscik's appointment is a key governance update, bringing new expertise to the board. Investors should note her independent status and compensation structure, which aligns with that of other non-employee directors. The compensation for Ms. Miscik includes an annual retainer of $285,000, prorated for her service period, along with personal accident insurance and participation in the company vehicle program. A significant portion of her compensation will be deferred into Deferred Share Units (DSUs) under the company's Deferred Compensation Plan for Non-Employee Directors, with payouts contingent on her departure from the board. This deferral mechanism aims to align director interests with long-term shareholder value.

Key Highlights

1Judith A. Miscik appointed as a new independent director to the Board of Directors.
2Ms. Miscik's appointment is effective as of October 8, 2018.
3The Board has determined Ms. Miscik meets independence standards under NYSE and GM's guidelines.
4Ms. Miscik will receive an annual retainer of $285,000 (prorated), accident insurance, and participate in the company vehicle program.
5A mandatory 50% of Ms. Miscik's retainer will be deferred into Deferred Share Units (DSUs).
6Ms. Miscik may elect to defer additional compensation into DSUs.
7DSU payouts are contingent upon retirement or departure from the Board and are based on market value at that time.

General Motors Co 8-K Report, Executive Changes (Oct 10, 2018)

Summary

Key Highlights

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