top shadow

current news

Gmac Changes Status, Merkin Resigns

(© Getty Images) GMAC headquarters
(© Getty Images) GMAC headquarters

(Filed Under Financial and General Interest News). GMAC has become a bank holding company and is reducing its board of directors to seven members by March 24, 2009. Current chairman J. Ezra Merkin resigned as of January 9, 2009. His interim replacement is Lenard Tessler, managing director and co-head of Private Equity at Cerberus Capital Management.

"I am pleased that GMAC has successfully completed its conversion to a bank holding company and look forward to GMAC's accomplishing of its goals," Merkin said. He was chairman for the past two years.

The board reconfiguration is in accordance with the U.S. Federal Reserve System board of governors' order granting GMAC Financial Services to become a bank holding company, as well as the company's participation in the US Department of Treasury's troubled asset relief program. The new board will consist of GMAC's chief executive officer, a representative from FIM Holdings LLC, two directors appointed by a U.S Department of the Treasury trust, and three independent elected directors. General Motors and FIM Holdings LLC will each be granted one non-voting observer.

see more

more Financial and General Interest News >>

Published 01-12-2009 by Amanda Torres Price

Related Articles

Gmac Changes Status, Merkin Resigns

Comment on this article, brand or product

Disclaimer: The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of Bodymagazine or its staff.

NOTE: Your Email will not be displayed.

Follow BODY on:
twitter FaceBook RSS
Share this article on:
Digg Reddit Stumble

Contact Information: (718)676-4444
Copyright © 2022 Fashion Market Magazine Group, Inc. All rights reserved.
All photos Copyright © 2000-2022 Nick Monjo & Fashion Market Magazine Group. All rights reserved.
Please email any website related issues to
bottom shadow