Richard Ivey School of Business Dean Carol Stephenson has been named to General Motors Company board of directors.
Stephenson, who has been a member of the GM Canada Advisory Board, was nominated by the Canadian and provincial governments to sit on the 13-member board. She is the only Canadian representative.
Richard Ivey School of Business Dean Carol Stephenson
“I think it’s a very interesting and historic time to be involved in the auto sector,” she says. “I am honoured to have been chosen to play what I think is a really important role in the revitalization of GM and the auto sector.”
The financial crisis struck GM hard and the Canadian, Ontario and United States governments stepped in earlier this year to help the company that was once the largest automaker in the world.
“My main goal is to return it to profitability,” says Stephenson.
The Canadian and Ontario governments invested US$9.5-billion in GM, which also granted an 11.7-per-cent equity stake in the company and allotted the right to name one member to the board.
Helping to shepherd GM through a major restructuring comes in addition to responsibilities as dean of a premier business school in the midst of building a landmark new home on campus. The $100-million facility on Western Road is slated to break ground in August and be completed by March 2011.
“I certainly thought about that before I accepted this role to make sure I could keep my commitments to Ivey and this new responsibility, and I believe I can,” she says.
“There is no doubt it is going to be a lot of work, but that’s nothing new to me.”
Board members will receive $200,000 yearly and a company car. The first board meeting is scheduled for August.
“I am delighted with the appointment of Dean Carol Stephenson of Western’s Richard Ivey School of Business to the newly reconstituted board of GM,” says Western President Amit Chakma.
“She is a great strategic leader and will bring her vision and her wealth of experience from her current academic leadership role as well as her past roles in the corporate sector. We at The University of Western Ontario take pride in knowing that one of our leaders has been chosen to play such an important role. I congratulate GM for making such a great choice.”
For more information on GM’s announcement click here.