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.
