After less than two years in the job, GMAC Financial Services is replacing its chief executive officer.
Alvaro de Molina has resigned as a director and CEO of the New York-based company, an announcement today indicated.
He joined GMAC in 2007 and was appointed CEO in March 2008.
“Al helped steer GMAC through an extraordinarily challenging period,” GMAC Chairman Franklin W. Hobbs said in the statement. “He was instrumental in the conversion of GMAC into a bank holding company, the recruitment of talented managers into GMAC and the establishment of Ally Bank.”
Replacing de Molina was Michael A. Carpenter, GMAC said.
“The board has tasked Carpenter with accelerating the strategic and operational changes necessary to focus GMAC on its core auto finance and related businesses,” the statement said.
Carpenter joined GMAC’s board in May. Citigroup Inc. is among his former employers. He previously served on the board of the New York Stock Exchange and has resigned from bankrupt CIT Group’s board of directors.
“Carpenter received a Bachelor of Science degree from the University of Nottingham, England, and an M.B.A. from the Harvard Business School, where he was a Baker Scholar,” the news release said.
Among objectives outlined in the statement by Carpenter was “resolving the difficult issues we face with the mortgage business.”
