NEW YORK — The board of directors of GMAC Financial Services announced that Alvaro (Al) G. de Molina has been appointed chief executive officer of the company, effective April 1, 2008. 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 chief executive officer, will join Cerberus Capital Management L.P., an affiliate which holds a majority interest in GMAC. In his new role, Feldstein will advise Cerberus in connection with its large financial services portfolio and with new investment opportunities in financial services and other sectors.

“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,” said J. Ezra Merkin, chairman of GMAC's board of directors. “We are pleased that he will be able to draw upon the experience and know-how of the senior GMAC team. We are confident that the combination of Al's leadership and the contributions of senior management will enhance the company's efforts to restore profitability and pursue growth opportunities.”

de Molina worked with Bank of America before joining GMAC in August 2007. He said: “GMAC's key strength is its strong foundation, which includes a vast dealer network, a global footprint, a large customer base, and a talented team of employees — all of which are essential to the longer-term success of the business. Looking ahead, we need to align our resources to reflect the current market environment and capitalize on our competitive advantages.”

GMAC's management team today reflects a complement of seasoned executives with experience at the company and new leaders with expertise in running a global financial services enterprise.

Feldstein served as the chairman and then chief executive officer at GMAC Financial Services since November 2002, and previously served at General Motors Corp. as treasurer and vice president of finance, among various other executive positions.

“We are very pleased to bring Eric on board to the Cerberus team,” said Mark Neporent, chief operating officer of Cerberus. “We expect that Cerberus and its investors will benefit from Eric's broad expertise in financial services and other sectors.”