Alvaro de Molina was ousted on Monday as chief executive of GMAC Financial Services, the lending arm of General Motors, after little more than 18 months in the job as the troubled lender continued talks with the US Treasury over a third government bail-out. GMAC said De Molina had resigned at the request of the board rather than the government, and would be replaced by Michael Carpenter, a GMAC director who has been at the helm of Salomon Smith Barney; Travelers Life & Annuity, the insurance arm of Citigroup; and Kidder Peabody, then GE’s investment banking arm.

This entry was posted by Gwen Robinson on Tuesday, November 17th, 2009 at 4:56 and is filed under Capital markets, People. Tagged with Alvaro de Molina, gm, GMAC. Edit this entry.