GMAC Establishes New Board of Directors

DETROIT — GMAC Financial Services announced last Tuesday that Michael A. Carpenter, Mayree C. Clark and Franklin (Fritz) W. Hobbs were named as independent directors to GMAC's board of directors, effective immediately. Hobbs was also elected to serve as non-executive chairman.

Hobbs, Carpenter, and Clark join GMAC's newly reconstituted board and will serve alongside GMAC Chief Executive Officer Alvaro G. de Molina, Cerberus appointee Stephen Feinberg, and as previously announced two appointees by the U.S. Department of the Treasury Robert T. Blakely and Kim S. Fennebresque.

"GMAC has achieved remarkable milestones recently, and I share great enthusiasm with the other new directors in serving the organization at this critical time in its history," said GMAC Chairman Fritz Hobbs. "I look forward to working with this newly appointed board and GMAC's leadership team as we strive to restore financial performance and strengthen the enterprise for the long-term. I especially want to thank the former GMAC board directors who guided the company to this point with their dedicated service and invaluable contributions, especially its three independent directors, Bob Scully, T. K. Duggan, and Doug Hirsch."

Hobbs is currently an advisor to One Equity Partners LLC, which manages investments and commitments for JPMorgan Chase & Co. in direct private equity transactions. Previously, Hobbs was the CEO of Houlihan Lokey Howard & Zukin. During his career, he also held the position of chairman at UBS AG's Warburg Dillon Read unit. Prior to that, he was president and CEO of Dillon, Read & Co. Inc.

Carpenter is chairman of Southgate Alternative Investments and has served in that role since 2006. Previously, he held management positions at Citigroup, first as CEO of Salomon Smith Barney, then as chairman and CEO of the Global Corporate and Investment Bank and most recently as chairman and CEO of Alternative Investments. Carpenter also held roles at The Travelers Group, General Electric Company and The Boston Consulting Group.

Clark is currently affiliated with Aetos Capital Asia. During her career, Clark has been a partner and member of the executive committee at AEA Holdings and held various positions at Morgan Stanley over a span of nearly 25 years.