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GMAC

COMPANY

Founded 1919 by General Motors as General Motors Acceptance Corporation (GMAC), later spun off. In 2006, a 51% ownership stake was acquired by a private equity consortium led by Cerberus Capital Management. Heavily involved in the mortgage bubble, and bailed out by more than $17B in federal funds in 2008 and 2009, making the government GMAC's principle owner. Reorganized and renamed its banking unit Ally Bank in 2009, and its investments unit Ally Financial in 2010.

Official Website:
http://www.gmacfs.com/

Industry:
Finance

Ticker:
(private)

Corporate headquarters:
Detroit, MI

Sales:
$21.1B (2007)

Employees:
31,000 (2006)

EXECUTIVES

NameOccupationBirthDeathKnown for
Pamela H. Godwin
Business
c. 1949   Former executive, GMAC Insurance
William J. Lovejoy
Business
c. 1941   Former VP at General Motors

CURRENT BOARD MEMBERS OR DIRECTORS

NameOccupationBirthDeathKnown for
Walter G. Borst
Business
c. 1963   Treasurer of General Motors
Frank W. Bruno
Business
c. 1965   Cerberus Global Investments
Thomas K. Duggan
Business
c. 1952   Durham Asset Management
Fritz Henderson
Business
29-Nov-1958   CEO of General Motors, 2009-10
Douglas A. Hirsch
Business
c. 1963   Seneca Capital Management
Mark R. LaNeve
Business
c. 1960   VP, General Motors
J. Ezra Merkin
Business
c. 1954   Chairman of GMAC
Mark A. Neporent
Attorney
c. 1957   COO of Cerberus Capital Management
Seth P. Plattus
Attorney
c. 1961   CAO of Cerberus Capital Management
Lenard B. Tessler
Business
c. 1951   Cerberus Capital Managment
Ray G. Young
Business
c. 1962   CFO of General Motors

PAST BOARD MEMBERS OR DIRECTORS

NameOccupationBirthDeathKnown for
Robert W. Scully
Business
c. 1950   Morgan Stanley Asset Management


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