UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(d) On October 5, 2021, the Board of Directors (the “Board”) of General Motors Company (“GM”) elected Aneel Bhusri as a member of the Board. The Board has determined that Mr. Bhusri is an independent director under New York Stock Exchange listing standards and GM’s independence guidelines, as set forth in its Corporate Governance Guidelines. Mr. Bhusri has not yet been named to any committees of the Board.
Like the other non-employee members of the Board, Mr. Bhusri will receive an annual retainer of $305,000 for his service on the Board (prorated to reflect the date his service began) and personal accident insurance and may elect to participate in the company vehicle program.
Under the General Motors Company Deferred Compensation Plan for Non-Employee Directors (the “Plan”), Mr. Bhusri is required to defer 50 percent of his annual Board retainer into GM’s Deferred Share Units (“DSUs”) and may elect to defer all or 50 percent of his remaining Board compensation in additional DSUs. Amounts deferred and credited as DSUs under the Plan will not be available until after Mr. Bhusri retires or otherwise leaves the Board, at which time he will receive a cash payment or payments based on the number of DSUs in his account, valued at the average daily market price for the quarter immediately preceding payment.
A copy of the press release announcing Mr. Bhusri ’s election is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
EXHIBIT
| Exhibit | Description | |
| Exhibit 99.1 | Press Release issued by General Motors Company dated October 5, 2021. | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GENERAL MOTORS COMPANY | ||
| (Registrant) | ||
| By: | /s/ Ann Cathcart Chaplin | |
| Ann Cathcart Chaplin | ||
| Corporate Secretary & Deputy General Counsel | ||
Date: October 8, 2021
Exhibit 99.1
News
Software Innovator Aneel Bhusri Joins GM’s Board of Directors
Tue, October 5, 2021
Co-founder, co-CEO and chairman of Workday is GM’s third new director this year
DETROIT – General Motors Co. (NYSE: GM) announced today that transformational technology leader Aneel Bhusri, the co-founder, co-CEO and chairman of Workday, Inc., is joining its Board of Directors.
GM now has 13 directors with the addition of Bhusri. The company’s 12 independent directors have senior leadership and board experience in manufacturing, information technology, digital commerce, retail, higher education, investment management, international affairs, defense, transportation, cybersecurity, and pharmaceuticals, among other fields. Six of GM’s independent directors are women.
“Aneel’s entrepreneurial experience in software and venture capital will benefit GM as we transform the company to better serve our customers, employees and stakeholders,” said GM Chair and CEO Mary Barra. “Adding this type of expertise to our board will help us drive value for shareholders and other GM stakeholders, especially during this period of technological change and growth.”
In 2005, Bhusri co-founded Workday, a company that has grown to become a leading provider of enterprise cloud applications for finance and human resources. He previously held leadership positions at PeopleSoft including vice chairman of the Board.
He is an advisor at Greylock Partners, a leading venture capital firm, a member of the Board of Trustees at Stanford University and serves on the Board of Directors at the Memorial Sloan Kettering Cancer Center. Bhusri earned an MBA from Stanford University and an undergraduate degree in electrical engineering and economics from Brown University. He is a Crown Fellow at the Aspen Institute.
“A massive technological and cultural transformation is taking place at GM that will help usher in an era of cleaner, safer transportation,” said Bhusri. “I look forward to working with GM management and my fellow directors to help the company capitalize on the tremendous opportunity in front of it, especially as it builds value for all stakeholders, and helps build a safer and more sustainable future.”
Bhusri is the third addition to GM’s Board this year. Meg Whitman, a technology leader and former head of Hewlett Packard Enterprise, and Mark Tatum, deputy commissioner and chief operating officer of the National Basketball Association, joined GM’s Board in March.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
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CONTACT:
Jim Cain
GM Communications
313-407-2843
james.cain@gm.com