Since Alvaro de Molina has held the position of CEO of GMAC Financial Services less than two years, it’s quite unexpected to see him resign from the job this early. The resignation comes as the GMAC board asked the U.S. Treasury Department to put off a third round of financial assistance for the lender.  Read more after the jump!

Molina has been replaced with Michael Carpenter, a board member with an extensive background as a finance executive.

In a statement, GMAC said that Carpenter’s mission is “accelerating the strategic and operational changes necessary to focus GMAC on its core auto finance and related businesses.”

Carpenter has served as a GMAC board member since May and was the CEO of Citigroup’s Global Corporate and Investment Bank, Salomon Smith Barney, Travelers Life & Annuity and Kidder Peabody. He has also held senior positions at GE Capital, General Electric and Boston Consulting Group. Carpenter gave his own statement. He asserted, “A renewed GMAC is crucial to business and public sector efforts to bolster the U.S. auto industry.”

[via autonews]

Tags: alvaro de molina gmac, car news, gmac, michael carpenter, michael carpenter gmac chief

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