General Motors : Novartis CEO Joseph Jimenez Nominated to GM Board

DETROIT - General Motors Co. today announced the nomination of Novartis CEO Joseph Jimenez to its board of directors. GM also announced E. Neville Isdell will not stand for re-election at the company's Annual Meeting of Stockholders in June, pursuant to the board's retirement age policy.

"Joe brings a wealth of consumer insights gained from a distinguished career in the pharmaceutical and packaged goods industries, as well as a proven focus on enhancing shareholder value over time," said GM Chairman Tim Solso. "We look forward to leveraging his expertise in product innovation and global consumer markets."

Jimenez, 55, has been CEO of Novartis since 2010. He joined the company in 2007 to lead the consumer health division. Previously, he served in senior leadership roles in the H.J. Heinz Co. Jimenez began his career in 1984 at the Clorox Co.

Prior to joining Novartis, he was a nonexecutive director of AstraZeneca PLC, United Kingdom. He also was an adviser for the private equity organization Blackstone Group in the U.S. Jimenez earned a bachelor's degree in Economics from Stanford University and an MBA from the University of California, Berkeley.

Isdell, 71, has served on GM's board since 2009. Prior to serving on GM's board he was a member of the board of directors of General Motors Corp. from 2008 to 2009. Isdell's highly regarded career includes leading the Coca-Cola Co., serving as chairman and CEO from 2004 to 2008, and chairman until his retirement in 2009.

"On behalf of the board, I'd like to thank Neville for his commitment to the success of GM," said Solso. "His leadership and focus on what was best for all shareholders have been valuable during a time of significant change at the company."

Added GM CEO Mary Barra: "We have made significant progress and benefited greatly from Neville's insight and experience, especially in global brand management. I am thankful for the contributions he has made to our board and company."

Jimenez will stand for election at GM's Annual Meeting of Stockholders, which will be held on Tuesday, June 9, at GM's Global Headquarters in Detroit.

The election of the board's slate of nominees would bring GM's Board of Directors to 12 members, 11 of whom are non-employee directors.

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