Meg Whitman and Mark Tatum Join GM's Board of Directors

Rhea-AI Summary

DETROIT, March 25, 2021 /PRNewswire/ -- General Motors (NYSE: GM) announces the addition of Meg Whitman and Mark Tatum to its Board of Directors. This expands GM's board to 13 members, emphasizing diversity with seven women. Whitman, former CEO of Hewlett-Packard and eBay, brings extensive tech and leadership experience, while Tatum, NBA Deputy Commissioner, offers insights into brand building and customer relations. GM's commitment to electric vehicles and carbon neutrality by 2040 aims to strengthen its market position and shareholder value.

Positive

• Addition of Meg Whitman and Mark Tatum enhances board diversity and expertise.
• Whitman and Tatum's experience in technology and brand management expected to drive shareholder value.
• GM's strategy includes a significant investment of $27 billion into electric vehicles by 2025, targeting market leadership.

Negative

• Potential continuity concerns due to new board members lacking automotive industry experience.

DETROIT, March 25, 2021 /PRNewswire/ -- Meg Whitman, a technology leader and former head of Hewlett Packard Enterprise, and Mark Tatum, Deputy Commissioner and Chief Operating Officer of the National Basketball Association, are joining the Board of Directors of General Motors Co. (NYSE: GM) effective today, the company announced.   

With the election of Whitman, 64, and Tatum, 51, GM now has 13 directors. The company's twelve independent directors have senior leadership and board experience in information technology, digital commerce, retail, higher education, investment management, international affairs, defense, transportation, cybersecurity, and pharmaceuticals, among others. Seven GM directors are women.

"Our diverse Board of Directors is a competitive advantage for GM as we work to deliver a better, safer and more sustainable world," said GM Chairman and CEO Mary Barra. "Mark and Meg will bring unique experiences to the Board, especially in technology, brand building and customer experience that will help us drive value for shareholders and other GM stakeholders now and into the future."

Last year, GM announced it is investing $27 billion through 2025 to launch 30 electric vehicles globally and commercialize self-driving technology. The company expects to sell more than 1 million EVs annually by mid-decade and targets EV market leadership in North America. The company has also announced its commitment to become carbon neutral in global products and operations by 2040, and it aspires to eliminate tailpipe emissions from new light-duty vehicles by 2035.

Whitman said, "I have tremendous respect for the commitments Mary and her team are making and the culture they have been building. GM's growth strategy has all the elements of a startup but with far greater scale, millions of customers and a strong underlying business. This makes it a very exciting time to join the Board."

Whitman was most recently President of Quibi Holdings LLC, a media startup, from 2018-2021. She was President and CEO of computer hardware and services multinational Hewlett-Packard Co. from 2011-2015; CEO of Hewlett Packard Enterprise, a global, edge-to-cloud platform-as-a-service company from 2015-2018; and President and CEO of eBay Inc., from 1998-2008, a period of explosive growth for the company. Whitman earned an undergraduate degree in economics from Princeton University and an MBA from Harvard University. 

Tatum said, "GM is changing a more than 100-year-old business model and marshalling thousands of people and billions of dollars to drive solutions that matter for the environment, communities, businesses and investors. Joining the Board and helping accelerate that change is an honor and I look forward to working with the GM team and my fellow directors to make it happen."

Tatum was appointed NBA Deputy Commissioner and Chief Operating Officer in early 2014. In his current role, he is responsible for the NBA's global business operations, including leading the NBA's international efforts. Tatum also oversees the Global Partnerships, Marketing, Team Marketing and Business Operations and Communications departments, in addition to the NBA G League and NBA 2K League. He joined the NBA in 1999. Tatum received a bachelor's degree in Business Management and Marketing from Cornell University and an MBA from Harvard University.

The Board will stand for election at the company's annual shareholders meeting on June 14, 2021. The company's proxy materials will be distributed at the end of April.

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which is planned to power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com. 

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SOURCE General Motors Co.

FAQ

What changes are being made to GM's Board of Directors in 2021?

Meg Whitman and Mark Tatum have been appointed to General Motors' Board of Directors, expanding the board to 13 members.

How does the addition of new board members affect GM's strategy?

The new members bring valuable expertise in technology and brand management, which GM aims to leverage in its electric vehicle and sustainability strategies.

What is General Motors' investment plan for electric vehicles?

GM plans to invest $27 billion through 2025 to launch 30 electric vehicles globally.

When will GM's Board of Directors stand for election?

The Board will stand for election at GM's annual shareholders meeting on June 14, 2021.