Summary
General Motors Company (GM) announced on March 25, 2021, a significant update to its Board of Directors with the election of two new independent members: Margaret C. Whitman and Mark A. Tatum. This expansion of the Board signifies a commitment to fresh perspectives and robust governance as the company navigates the evolving automotive landscape. Both Ms. Whitman and Mr. Tatum meet GM's stringent independence guidelines, aligning with New York Stock Exchange listing standards. While they have not yet been assigned to Board committees, their appointments are effective immediately. The compensation structure for these new directors includes an annual retainer, participation in the company vehicle program, and a deferred compensation plan, emphasizing their commitment and alignment with long-term shareholder value through the use of Deferred Share Units (DSUs).
Key Highlights
- 1GM elected Margaret C. Whitman and Mark A. Tatum as new independent members to its Board of Directors.
- 2Both new directors meet New York Stock Exchange listing standards and GM's independence guidelines.
- 3Ms. Whitman and Mr. Tatum have not yet been assigned to any Board committees.
- 4There are no undisclosed arrangements or related-party transactions involving the new directors.
- 5New directors will receive an annual retainer of $285,000, personal accident insurance, and participate in the company vehicle program.
- 6A significant portion of the new directors' compensation will be deferred into GM's Deferred Share Units (DSUs), aligning their interests with long-term shareholder value.
- 7DSUs will be settled in cash upon the directors' retirement or departure from the Board, based on the market price of GM stock at that time.