In a two-sentence filing with the Securities and Exchange Commission, GMAC announced that Chief Financial Officer Robert Hull had resigned. He has taken a job at private equity firm Providence Equity Partners.
“GMAC Financial Services today announced that Chief Financial Officer Robert S. Hull has elected to depart the company at the end of March to pursue another career opportunity,” according to the March 9 filing. “The company will conduct an internal and external search for potential CFO candidates in the interim.”
Hull joined GMAC in 2007 and was a member of the lender’s executive committee. Prior to GMAC, he held a series of finance positions at Bank of America beginning in 2001.
Two weeks ago Hull testified before a Congressional Oversight Panel about the U.S. government’s financial assistance under the Troubled Asset Relief Program.
It also occurs to me that if the domestic OEMs can stay away from rebates, it should positively impact their resale values. If they can show restraint in the rental and fleet area, they could recover some of they value they’ve given away in recent years. This opens the door to increased residuals, which means cheaper payments for short term leases to cycle buyers more often. In addition, they might find their recent buyers aren’t upside down as much and for as long and can actually come back for another vehicle sooner and get it financed. Toyota and Honda figured these things out long ago while Detroit has operated like a bunch of amateurs.