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Alvaro de Molina
’GMAC chief ousted amid bailout talks
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’s CEO Alvaro de Molina resigns
Alvaro de Molina, GMAC’s highly-paid chief executive, has resigned on the advice of the lender’s board of directors.
Michael Carpenter, chairman of Southgate Alternative Investments and a former chief executive at Salomon Smith Barney,