WASHINGTON — The Treasury Department announced Wednesday that it had appointed two directors to Ally Financial's board of directors, noting that the firm still owes money it borrowed from the Troubled Asset Relief Program.
The agency tapped Gerald Greenwald, the founder of Greenbiar Equity Group, and Henry S. Miller, the chairman of Marblegate Asset Management, to serve on Ally's board.
"These two individuals will make a valuable contribution to the board as Ally moves forward on its continued efforts to repay taxpayers and support the auto industry recovery," said Timothy Massad, the Treasury assistant secretary for financial stability, in a press release.
The appointments were approved Wednesday by a meeting of Ally's common stockholders.
Greenwald began his career at Ford Motor Company and was later vice chairman of Chrysler and chairman and chief executive of United Airlines.
Treasury noted that Miller has "extensive experience in restructurings," and noted his previous job as chairman and managing director of Miller Buckfire and service as head of financial restructuring for Dresdner Kleinwort Wasserstein.
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