Alvaro de Molina has resigned as GMAC Financial Services’ chief executive and director. The GMAC Board of Directors has named Michael A. Carpenter, a board member since May 2009, as his replacement.
Carpenter’s previous experience includes chief executive positions at Citigroup’s Global Corporate & Investment Bank, Salomon Smith Barney, Travelers Life & Annuity and Kidder Peabody. He has also held senior positions at GE Capital, General Electric, and Boston Consulting Group.
“A renewed GMAC is crucial to business and public sector efforts to bolster the U.S. auto industry, and we have a special obligation to the public to do everything we can to ensure GMAC succeeds,” said Carpenter in a statement.
Carpenter defines this mission as operating GMAC “at the rigorous standards required of a bank holding company, resolving the difficult issues we face with the mortgage business and repaying in full the funds the U.S. government has invested in GMAC.”
In the third quarter, GMAC lost $767 million on $3.4 billion of revenue.
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