The United Auto Workers union will own a 17.5% stake in the new General Motors company through its Voluntary Employee Benefits Trust (VEBR).As part of that ownership stake, the UAW's interests will be represented on the board of directors by former Wall Street Analyst Stephen Girsky.
BusinessWeek reports that "While Girsky has served as an advisor to the union for several years, and clearly has a soft spot for labor, he's all too aware of GM's problems. He was a tough critic of the company when he covered its stock for Morgan Stanley. Girsky also worked at the company as an advisor to former CEO Rick Wagoner, too. Don't look for him to press CEO Fritz Henderson to give the UAW a contract that would erase some of the concessions that were made prior to bankruptcy."
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