The Treasury Department appointed two directors to the Ally Financial board Wednesday.
The government still owns a 74% stake in the lender leftover from the bailouts in 2008. Treasury chose to authorize its right to make the appointments of Gerald Greenwald and Henry Miller.
Greenwald founded private equity firm Greenbriar Equity Group and previously ran United Airlines until 1999. He got his start in the automobile industry with Ford Motor Co., where he eventually led the car maker’s European operations.
Miller served as chairman at Marblegate Asset Management since it was formed three years ago. He previously headed the restructuring and transportations groups at Salomon Brothers.
Treasury said it was going to sell some securities in Ally in March, but analysts said the bank will have to start unloading more than a bankrupted Residential Capital unit to pay back roughly $14.7 billion owed to taxpayers. Fitch Ratings looked at the possibility of a sale of the bank’s international auto lending business.
Ally lost nearly $900 million in the second quarter as it continues to unwind its mortgage lending operations.
