NEW YORK, Jan. 9 /PRNewswire/ -- GMAC Financial Services confirmed today
upcoming changes to its Board of Directors, in accordance with the U.S.
Federal Reserve System Board of Governors' order granting the company's
application to become a bank holding company and the company's participation
in the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP).
Pursuant to the Fed's order, GMAC's Board will be reconstituted no later than
March 24, 2009. GMAC's new seven-member board will consist of the GMAC chief
executive officer, one representative from FIM Holdings LLC, two directors
appointed by a trust to be formed by U.S. Department of the Treasury, and
three independent directors elected by the aforementioned directors. In
addition, each of General Motors and FIM Holdings LLC is entitled to have one
non-voting observer on the board, as long as they hold common interests of
GMAC.
Current GMAC Chairman J. Ezra Merkin is resigning from the board,
effective Jan. 9, 2009. "I am pleased that GMAC has successfully completed its
conversion to a bank holding company and look forward to GMAC's accomplishing
its goals," Merkin said. The GMAC Board expressed its thanks to Merkin for
his dedicated service to the company over the past two years.
During the short transition period to the new board, Merkin will be
replaced as chairman by Lenard Tessler, managing director and co-head of
Private Equity at Cerberus Capital Management, L.P., while the vacant seat
will be filled by Jeffrey L. Lomasky, chief financial officer of Cerberus.
About GMAC Financial Services
GMAC Financial Services is a global finance company operating in and
servicing North America, South America, Europe, and Asia-Pacific. GMAC
specializes in automotive finance, real estate finance, insurance, commercial
finance, and online banking. As of Dec. 31, 2007, the organization had $248
billion in assets and serviced 15 million customers. Visit the GMAC media site
at http://media.gmacfs.com/ for more information.
SOURCE GMAC Financial Services
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