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GM Director Bowles Offers to Resign

Erskine Bowles, a director at General Motors since 2005, offered to resign from the automaker's board, a report says.

General Motors


director Erskine Bowles offered to resign from the U.S. automaker,


reports, citing a person with knowledge of the matter.

Bowles has been a director of GM since 2005. He's president of the University of North Carolina and once served as President Clinton's chief of staff.

The Obama administration forced out CEO Rick Wagoner and Wagoner told the board the administration wanted a majority of the directors to resign. Several volunteered to quit last weekend, the

Wall Street Journal


Bowles and all other directors remain on the 11-person board, GM spokesman Steve Harris said, according to


. The company isn't discussing the issue, the spokesman said.

Kent Kresa, a board member since 2003, was named interim chairman of the GM board in a major shake-up of the company engineered by the Obama administration. The White House forced out Wagoner as it rejected the company's restructuring plan, giving it 60 days to develop a more aggressive approach.

General Motors reported Wednesday that sales declined 45% in March, but picked up at the end of the month.

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