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Greenlight Capital nominates three directors to GM’s board

Posted by: Admin | Posted on: April 12th, 2017 | 0 Comments

Hedge fund Greenlight Capital said on Wednesday that it had nominated three independent candidates to the board of General Motors Co (GM.N).

Greenlight, run by billionaire investor David Einhorn, wants GM’s management to split its common stock into two classes: one that would receive the current dividends and one that would participate in all earnings and future growth of the company.

Greenlight, in a preliminary proxy with the Securities and Exchange Commission, said its nominees were Leo Hindery Jr, managing partner of private equity firm InterMedia Partners, Vinit Sethi, director of research at Greenlight, and William Thorndike Jr, founder of private equity investment firm Housatonic Partners.

GM’s shares were up 0.3 percent at $34.01 in premarket trading.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

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