has hired an executive-search firm to help find replacements for at least half of its 12 directors, the
Wall Street Journal
reports, citing people close to the situation.
Interim GM Chairman Kent Kresa has hired New York-based Spencer Stuart to help him in a bid to line up new directors to join the board as early as this summer, the newspaper reports.
Kresa, and CEO Fritz Henderson, appointed in March after Rick Wagoner was forced out as chairman and CEO, have been subject to strong government oversight in the weeks since they've been running the company, the
notes. Kresa was hoping to conduct the search for board members on his own, without the assistance from an outside search firm, the people close to the situation said.
But because the U.S. government could end up owning a controlling stake in a restructured GM it's expected to name a small portion of the directors in addition to Kresa's picks to represent the Treasury Department. The United Auto Workers union, which has been offered 39% of GM in exchange for health-care concessions, will likely get to pick at least one board member in the future, the
The U.S. automaker has received $15.4 billion from the Treasury Department to keep it running.