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GMAC Financial Services appoints new CEO

GMAC Financial Services has appointed Alvaro de Molina as the new CEO of the company, effective April 1, 2008.

Mr de Molina will oversee all GMAC operations and focus on strengthening the core businesses, while positioning the company for long-term growth.

Eric Feldstein, currently CEO, will join Cerberus Capital Management, an affiliate of which holds a majority interest in GMAC. In his new role, Mr Feldstein will advise Cerberus in connection with its large financial services portfolio and with new investment opportunities in financial services and other sectors.

Ezra Merkin, chairman of board of directors at GMAC, said: Al brings extensive experience in financial services and banking to the GMAC CEO role, with keen insight into the needs of customers and investors alike.