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GMAC Chief Executive Al de Molina has resigned, and will be replaced by Michael Carpenter, the troubled lender said Monday.
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GMAC logo |
Carpenter has previously headed global corporate and investment banking at Citigroup [C
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]. He has resigned from the board of CIT Group, which is reorganizing in bankruptcy, to focus on GMAC, GMAC said.
De Molina has headed GMAC since April 2008. He was formerly chief financial officer at Bank of America [BAC
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], and news reports have said he is a possible candidate to be CEO at that bank.
GMAC [GJM
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] has received $12.5 billion in government bailouts, hurt by the deteriorating auto and housing markets. Earlier this year, a government "stress test'' said the company needed to raise about $11.5 billion of new capital.
U.S. Senate Banking Committee Chairman Christopher Dodd said earlier this month that GMAC would receive between $2 billion and $5 billion of taxpayer capital beyond what it has already received.
But in a statement, GMAC said it has asked the U.S. Treasury to postpone any decisions about putting more funds into GMAC until Carpenter and other management have assessed the current situation.
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