GM BOD Director Percy Barnevik Resigns, Remains "Strong Supporter of Management"

Robert Farago
by Robert Farago
gm bod director percy barnevik resigns remains strong supporter of management

Reuters reports that GM Board of Directors member Percy Barnevik resigned his position today “for personal reasons.” Barnevik is one of GM’s longest serving BOD members; he’s watched the epic erosion of shareholder value and the breathtaking destruction of the automaker’s assets, market share and credibility. And yet, on his way out the door, Barnevik gave GM CEO Rick Wagoner and his team an unqualified thumbs-up. “I remain a strong supporter of management and the Board of GM, and of the direction the company is taking.” This from the ex-ABB CEO who had to repay half of an undisclosed $78m (i.e. hidden) severance package, part of an enormous book cooking scandal (called “Europe’s Enron”). The same company (that Barnevik founded) which was deeply embroiled in a global bribery scandal, eventually paying out $16.4m to the Justice Departmen t to settle their criminal investigation. With Board members with this kind of background, who needs enemies?

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  • VerbalKint VerbalKint on Feb 04, 2009

    Now that Barnevik has some free time available he and Kwame Kilpatrick could open up a consulting firm in Washingtoon...

  • Ingvar Ingvar on Feb 04, 2009

    My impression of Barnevik is that he is a pretty good leader. As good as it gets, actually. And this compensation was based on the fact that he was almost headhunted to lead GM or GE or something similarily substantial back in the days. The scandal was about the actually at that time unheard of compensation of about 100 million dollars. That was unprecedented in Sweden, nothing before had ever come close. At the end, it was about how much ABB valued their leader. He sacrificed an international career for ABB and an enormous pile of cash. If he is leaving the sinking ship, it is because he considers it a smart move. And if there are any more smart fellas in the BOD, others will follow. It's the rats leaving before the big going down...

  • Jerry weber Jerry weber on Feb 04, 2009

    Not a motorhead in the group. It sounds like a multi-cultural love in. You have ladies and southern gentlemen. People from academia, pill pushers, bakers and bean counters plus international flavor. What a mulligan's stew when you blend all of this. How, would they even know when they are being conned by the execs who run the company? But we know, that is why they are there. When you are unknowledgeable in such an environment, and you ask the first dumb question at your first meeting, I guarenttee, you won'd ask another. So to sum up, we have a bunch of failed execs leading a clueless board into????

  • Ihatetrees Ihatetrees on Feb 04, 2009
    oboylepr: I wonder who will replace him or if he will be replaced? Fozzy Bear would be good. They have a similar look...