(GM) - Get Report

shuffled its board Friday, saying former Clinton aide Erskine Bowles would replace

Procter & Gamble

(PG) - Get Report

chief A.G. Lafley.

GM said Lafley is leaving the board because he is also a director at


(GE) - Get Report

, whose finance arm competes with GM's own.

Bowles, 59, is chairman of Erskine Bowles & Co. and serves as senior adviser at Carousel Capital, a private investment firm he co-founded in 1996. He was recently appointed the deputy special envoy for tsunami relief by the United Nations.

"Provisions of the U.S. Clayton Antitrust Act relative to interlocking directors require periodic assessment of whether, based on the revenues, competition between these companies could become significant," GM said late Friday. "Based on a recent assessment, the overlap of the two companies' financial services businesses has grown to the point that Lafley's membership on both boards will no longer qualify for the exemption for minor competition. For that reason, Lafley has resigned his GM directorship effective immediately."

GM chief Rick Wagoner said Lafley would be missed.

"General Motors has benefited greatly from A.G.'s service as director, and I will personally miss his counsel," Wagoner said. "However, the regulations on this matter that has necessitated his resignation are quite clear in requiring prompt action. He leaves the GM Board with our sincere thanks and best wishes."

GM rose 73 cents to $26.74.