After helping steer General Motors and Chrysler out of bankruptcy, the head of President Obama’s Auto Task force is stepping down, with an existing administrator taking over.
U.S. Treasury Secretary Timothy Geithner announced today that former investment banker Steven Rattner will “transition back to private life and his family,” stating that senior adviser, Ron Bloom, also a former investment banker, will assume leadership of the Task Force’s activities.
Chrysler has been sold to Fiat SpA and General Motors has emerged is a smaller company with its unwanted assets now in the process of being liquidated. The government has also invested billions of dollars in GM’s finance arm.
The job of the Task Force will transition from day-today restructuring of the companies to monitoring the industry, which the U.S. has invested billions of dollars to keep afloat. The U.S. has given billions of dollars to General Motors Corp, Chrysler LLC and GMAC Corp.
Geithner said President Obama has made it clear he expects the private boards of directors of each respective company to deliver results.