Myra Drucker is leaving General Motors Asset Management, New York. Ms. Drucker, managing director of marketing and business development, wants to pursue opportunities in corporate governance at investment management firms, said GM spokesman Jerry Dubrowski. Ms. Drucker, who is also CIO of GM Trust Bank, will remain there over the next several months to help with the transition. Ms. Drucker did not return phone calls seeking further comment by press time.
Despite Mr. Dubrowski's explanation, a source familiar with the situation said Ms. Drucker had been soul-searching to determine if she was adding value in her position and realized it wasn't a good fit. Ms. Drucker, who had been CIO of Xerox Corp., Stamford, Conn., joined GMAM in 2001, when Xerox outsourced the management of its $7 billion pension plan to GMAM. She had been involved solely in asset management at Xerox, but her job at GMAM also included servicing and taking care of clients, and ultimately she decided that was not the right place for her to be, the source said.
Mr. Dubrowski said GMAM, which has $140 billion in assets under management, of which $86 billion is for GM, will search for a replacement.