UAW Health Trust Names Blanchard To Chrysler Board

By: Associated Press
By: Associated Press

Detroit (AP) -- The United Auto Workers says trustees of the union's retiree health care fund have named former Michigan Governor James Blanchard to the board of the new Chrysler-Fiat venture.

Italian automaker Fiat closed a deal yesterday to become the new owner of most of Chrysler's assets, saving the company from liquidation.

The new car company will be called Chrysler group.

Under the agreement brokered in the days leading up to Chrysler's chapter 11 filing, the UAW is getting a 55 percent stake in the restructured company.

The stake will be used to fund the UAW's retiree health care obligations.

However, the union's control in the boardroom will be limited. The trust essentially has no voting rights.

(Copyright 2009 by the Associated Press. All rights reserved.)

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