Jerry York, representative of billionaire investor Kirk Kerkorian, resigned from GM’s board of directors today. York and Kerkorian were lead architects of the proposed alliance between General Motors and Renault- Nissan. York’s resignation comes just days after GM announced it had terminated talks with Carlos Ghosn and Renault-Nissan.
Mr. Kerkorian’s company, Tracinda, has also said it no longer plans to increase its investment in General Motors. Earlier this week, Kerkorian said the company might consider buying up to 12 million additional shares of the auto giant.
Many observers wonder if GM intentionally sabotaged the talks by requesting a large cash payment from Renault as part of the deal. In a statement following the end of talks, Renault said it could not pay General Motors the amount of money it demanded, and therefore talks could not go forward.
