Billionaire financier and GM stock accumulator Kirk Kerkorian's right-hand man, Jerome "Jerry" York, has been appointed to the General Motors Board of Directors. York, an auto industry veteran, recently told a group of financial analysts that GM should unload a couple of its brands and slash executive salaries as part of a plan to turn its fortunes from abysmal to merely astonishingly dire. York has also indicated GM's own plan to cut 30,000 jobs and close 12 facilities by 2008, while simply precious, isn't close to being broad enough to bring the company back to health. Officially a consultant to the Tracinda Corporation — Kerkorian's company, which is GM's third largest shareholder and owner of nearly 10 percent of the General — York had failed to win a seat last year amid conflict between Kerkorian and GM brass. Still, news of his appointment resulted in a $0.41 per share increase in GM's stock price. That and scores of clenched teeth throughout the RenCenter.

Update 2: Jerome York Elected to GM Board [Forbes]

Related:
Kerkorian s Right-Hand Man Gives GM the Back of His Own [internal]

Contact information for this author is not available.