The stench from the feces behind the scenes is getting unbearable. At least it is to those who have direct nasal exposure to the reality floating in the financial sewers, ungrated by the fecal filters of CNBC. The latest casualty of eating from the apple of toxic asset knowledge is GMAC CEO Al de Molina, who is being replaced with a man truly perfect for the job: a director of failed CIT and a former executive of the soon-to-fail toxic cesspool known as GE Capital, Mike Carpenter. From Al de Molina's professional obit: "As a GMAC board member, (Mike) has first-hand knowledge of GMAC and the challenges and opportunities the company faces in its drive to return to sustained profitability and to repay taxpayers." One would think the current CEO would know the challenges and opportunities of GMAC better in its "drive to return to sustained profitability." At this point we taxpayers will be happy with GMAC not gobbling up another $5 billion next month in Obama-blessed rescue attempt #4.
NEW YORK, Nov. 16 /PRNewswire/ -- The Board of Directors ofGMAC Financial Services (GMAC) today named Michael A. Carpenter, a board member with extensive financial services experience, chief executive officer. The board has tasked Carpenter with accelerating the strategic and operational changes necessary to focus GMAC on its core auto finance and related businesses.
Franklin W. Hobbs, GMAC chairman, said, "Mike Carpenter is a world-class CEO, and the board has great confidence that he is the right leader for GMAC at this pivotal moment. GMAC will benefit from Mike's broad and deep experience in banking, capital markets, turnarounds and corporate strategy. In addition, as a GMAC board member, he has first-hand knowledge of GMAC and the challenges and opportunities the company faces in its drive to return to sustained profitability and to repay taxpayers."
Carpenter succeeds Alvaro de Molina, who has resigned as CEO and a director. Carpenter, 62, has served on the GMAC board since May 2009. His previous experience includes CEO positions at Citigroup's Global Corporate & Investment Bank, Salomon Smith Barney, Travelers Life & Annuity and Kidder Peabody. During his distinguished 35-year career, Carpenter has also held senior positions at GE Capital, General Electric and Boston Consulting Group.
"I am honored by the opportunity to lead GMAC at this critical juncture," Carpenter said, pledging to work with a sense of urgency to make GMAC the premier provider of auto finance and related services for both dealers and consumers across the country.
Carpenter noted that the challenges facing GMAC are substantial, but he expressed confidence that the company and its leadership have the resolve, talent and vision to restore its fiscal health and build on its unique franchise.
"A renewed GMAC is crucial to business and public sector efforts to bolster the U.S.
