Chrysler Group named five new members to its board, reports The Wall Street Journal.
The five new board members are George F.J. Gosbee, chairman and president of Tristone Capital; Douglas Steenland, former CEO of Northwest Airlines; Scott Stuart, a founding partner of Sageview Capital; Ronald L. Thompson, chairman of the board of trustees for Teachers Insurance and Annuity Association; and Stephen Wolf, chairman of R.R. Donnelley & Sons Co.
“The formal creation of our board of directors is another important step toward building a viable Chrysler Group for the long term,” said C. Robert Kidder, Chrysler’s acting chairman in a statement.
Fiat CEO Sergio Marchionne is currently determining which vehicle models the company will continue to produce and where production will occur.
Chrysler’s sales dropped 42 percent in June as its overall market value fell 28 percent. In addition to the five new board members, Marchionne; Alfredo Altavilla, CEO of Fiat Powertrain Technologies; and James Blanchard, the former Michigan governor who was appointed to represent the interests of a United Auto Workers union health-care trust fund, complete Chrysler’s new board.
The U.S. government had an active role in selecting the new board members, including appointing Kidder, Steenland, Stuart, and Thompson.