Who runs General Motors? Soon, it will be by women. Well, not totally, but the majority of the company at least.
Later this year, General Motors Co. is set to become the first automaker to have a majority-female board once two of its male directors retire. The company’s board will shrink from a total of 13 members to 11 with two directors no longer standing for re-election during the company’s annual meeting set on June 4.
Jim Mulva, former CEO of ConocoPhillips, and Admiral Mike Mullen, former chairman of the U.S. Joint Chiefs of Staff are set to retire as both have reached the automaker’s board retirement age of 72. Meanwhile, the board will also be temporarily waiving the retirement age requirement for Lead Director Tim Solso, also 72, for a year. This would allow Solso to assist in the company’s ‘period of transformation’.
Six women, including GM’s CEO Mary Barra, together with five men are set to compose the new list of board members once approved by shareholders during the annual meeting. Once approved, GM would be one of the few companies in the S&P 500 to have a majority of female directors. According to Bloomberg, the only other two companies with a current majority of female directors are Viacom Inc. and CBS Corp. However, both are still run by male CEOs, unlike GM who is run by a female CEO.
In an industry mostly dominated by male executives, it is great to see women starting to play an important role in automotive companies. In the Philippines, women are already playing big roles in the automotive segment such as Maria Fe Perez-Agudo, the current president of Hyundai Asia Resources Inc. (HARI) and Ginia Domingo, Managing Director of Autostrada Motore.
Expect to see more women within the automotive segment as well as other markets in the future.