GM board to lose three members as UCLA's Telles says she will step down
Cynthia Telles will depart the GM board after the annual shareholder meeting.
General Motors now expects to lose three of its outside board members this year.
Cynthia Telles, who joined the GM board in April 2010, plans to step down after the company’s annual shareholder meeting this summer, GM said today. Telles is a longtime faculty member in the UCLA School of Medicine’s psychiatry department and director of the UCLA Neuropsychiatric Institute Spanish-Speaking Psychosocial Clinic.
“Dr. Telles attributed her decision to her recent appointment to serve on the Board of Airport Commissioners of the Los Angeles World Airports and to her confidence in the Company’s improved situation and prospects,” GM said in a regulatory filing.
GM also expects two board members appointed by the U.S. Treasury Department in 2009 to leave soon. Last month, it said David Bonderman would not seek reelection and Robert Krebs would leave before the annual meeting to comply with a policy that requires board members to retire by age 72.
GM currently has 12 board members who don’t work for the automaker, in addition to CEO Mary Barra and Steve Girsky, who is serving as a senior adviser through April.
“It has been a great privilege to have worked with GM's board and its management team,” Telles said in a statement released by GM. “With GM's return to profitability as a public company, the government ending its formal role and the election of our new leadership, the company is on firm footing for the future.”
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