GMAC CEO Al de Molina has resigned
November 17, 2009GMAC Financial Services CEO Al de Molina has stepped down and has been replaced as the company’s chief executive, GMAC announced today.
Al de Molina
Michael Carpenter, a GMAC director and a former Citigroup Inc. executive, will succeed de Molina as CEO, the company says.
The Wall Street Journal reports de Molina, a former chief financial officer at Charlotte-based Bank of America, was at odds with GMAC’s board about “his leadership and his vision for the company,” citing people familiar with the board’s deliberations.
He was asked to step down at a noon meeting today.
“Al helped steer GMAC through an extraordinarily challenging period,” GMAC chairman Franklin Hobbs says in a 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. On behalf of the entire board, I thank him for his contributions to GMAC and wish him well in his future endeavors.”
Charlotte connections
De Molina was thought early on to be a leading external candidate to replace retiring BofA CEO Ken Lewis. But his name had fallen from some lists in recent weeks as GMAC’s performance declined. De Molina also is rumored to have been at odds with some leaders at BofA since his departure.
GMAC’s ongoing financial difficulty led de Molina to begin negotiating for a third round of taxpayer aid earlier this fall. The government now owns about a 35% stake in the company after investing more than $12 billion in the past year to prop up the Detroit-based auto lender.
GMAC subsidiary Ally Bank is in the process of hiring 200 people for a new office it will open this year in uptown Charlotte. De Molina, who still owns a residence in Charlotte and often worked from an office here, was influential in locating the banking operations here. Ally was launched as an online bank earlier this year as GMAC transitioned to become a bank-holding company.
“I came to GMAC thinking that it was a short-term assignment working through a liquidity crisis,” de Molina says in a statement. “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.”
from : Charlotte business
http://charlotte.bizjournals.com/charlotte/blog/bank_notes/2009/11/report_gmac_ceo_al_de_molina_has_resigned.html
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