AmeriCredit Names New Board Director
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FORT WORTH — AmeriCredit recently announced a new member to its board of directors, in addition to retiring $108 million of senior notes due 2015.
Becoming a board director is Bruce Berkowitz, meaning AmeriCredit now has 10 board directors.
Offering a bit more about Berkowitz, officials said he is the president of Fairholme Funds Inc., and is also a member of its board of directors.
He has more than 24 years of investment management experience and is the managing member and chief investment officer of Fairholme Capital Management LLC.
Berkowitz also serves as a director and member of the audit committee of TAL International and White Mountains Insurance Group.
"We are pleased to add such a well-respected and experienced professional to our board of directors. I am certain that our company and our shareholders will benefit greatly from his knowledge and insight," said Clifton Morris Jr., AmeriCredit's Chairman
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Additionally, in consummation of the transaction announced on Nov. 24, 2008 between AmeriCredit and Fairholme Funds Inc., AmeriCredit indicated that it has issued approximately 15.1 million shares of its common stock to Fairholme, valued at $6.02 per share. This is in exchange for $108 million of par value of AmeriCredit's 8.50 percent senior notes due 2015.
