Ally Financial, the former GMAC, said on Wednesday that Gerald Greenwald and Henry S. Miller had been elected to its board of directors.
The two are appointees of the United States Treasury, which holds a 74 percent stake in the bank holding company. In May, the company's mortgage unit, Residential Capital, filed for Chapter 11 bankruptcy protection.
Mr. Greenwald is a founder of Greenbriar Equity Group, a private equity firm focused on the global transportation sector. From 1994 to 1999, he was chief executive of United Airlines, which at the time was the world's largest company to be majority owned by its employees. Earlier, he was an executive at Ford Motor.
Before retiring nearly a year ago, Mr. Miller was chairman and managing director of the boutique investment bank Miller Buckfire, which he helped found. He has been chairman of Marblegate Asset Management since its formation in 2009. Before Miller Buckfire, Mr. Miller was vice chairman and managi ng director at Dresdner Kleinwort Wasserstein, where he led the financial restructuring group.
“Gerald and Henry are valued additions to the Ally board,†Ally's chairman, Franklin Hobbs, said in a statement. “They bring extensive experience from both the financial and auto sectors and will add key perspectives as Ally continues its transformation.â€
The two men join Stephen A. Feinberg of Cerberus Capital Management and Marjorie Magner of Brysam Capital Partners among others on the board, which now expands to 11 directors.
