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| May 28, 2010: The U.S. Department of the Treasury on Wednesday, May 26, 2010, appointed Marjorie Magner to the Board of Directors of Ally Financial, formerly GMAC Financial Services. Ally is a recipient of the Obama administration's Automotive Industry Financing Program. As a result of investments made in December, 2009, the Treasury Department's equity ownership in Ally increased from 35 percent to 56.3 percent, through which Treasury acquired the right to appoint two additional Directors to the Ally Board of Directors. The second appointment is expected soon. "This appointment is part of the Administration's ongoing commitment to prudent stewardship of TARP investments," said Assistant Secretary for Financial Stability Herbert Allison, referring to the administration's Troubled Asset Relief Program. "We're confident that Ms. Magner will represent the taxpayers' interests effectively." Manger is currently a Board Member at Accenture and Gannett. She is a founding member and partner of Brysam Global Partners, and she was previously the Chairman and Chief Executive Officer of the Global Consumer Group at Citigroup. |
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