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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.

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Published 01-12-2009 by Amanda Torres Price

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Gmac Changes Status, Merkin Resigns


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