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GMAC CEO de Molina Resigns, Carpenter Takes Over
November 16, 2009 5:14 PM
ABC's Matt Jaffe, Zunaira Zaki and Dan Arnall report:
GMAC today announced that CEO Alvaro de Molina has resigned and will be replaced by one of the company’s board members, Michael Carpenter.
De Molina said in a statement that he has helped restore the lender to “stable footing” since taking over the company in April 2008.
“I came to GMAC thinking that it was a short-term assignment working through a liquidity crisis,” de Molina said. “That crisis lasted two years. With the help of government support and the incredible efforts of our team, we are now on stable footing, positioned for profitability in 2010 and beyond. It is a good time for me to move on to my next chapter. I wish the GMAC board and team great success.”
GMAC has thus far received $12.5 billion in government support dating back to last September and is currently in talks with the Treasury Department for another taxpayer infusion, as ABC News reported October 27 and the Federal Reserve acknowledged on November 9. The next installment of government aid will be the lender’s third.
In today’s release announcing the change in leadership, GMAC noted that their board has asked Treasury to “postpone its decision on the planned follow-on investment of Troubled Asset Relief Program funds in GMAC until Carpenter and the management of GMAC have assessed the current situation and can advise the board and Treasury regarding the appropriate amount and form of such funding.”
Carpenter, GMAC said, has been a board member since May 2009. He resigned from the board of CIT Group – another troubled lender that filed for bankruptcy on November 1 -- to “devote his full attention to his new role at GMAC,” the company said.
The full GMAC release can be found HERE.
November 16, 2009 | Permalink | Share | User Comments (1)
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Yeah.....and how many millions will he take with him?
Posted by: Rick McDaniel | Nov 16, 2009 5:47:11 PM
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