Al De Molina Bio?

GMAC Financial Services CEO Al de Molina has stepped down of GMAC and has been replaced as the company's chief executive.
Michael Carpenter, a GMAC director and a former Citigroup Inc. executive, will succeed de Molina as CEO.
I wonder why he took this decision.
Is the a biography of Al De Molina? Please post a link to his bio.

asked by Sarah in Investing | 3527 views | 11-17-2009 at 01:44 AM

Al de Molina Bio:

Alvaro G. de Molina was chief executive officer of GMAC Financial Services and a member of its board of directors. He resigned on November 16, 2009.

In that role, Mr. de Molina was charged with overseeing GMAC strategy, operations and positioning the company for long-term growth. He worked on pursuing the strategy to transform GMAC into a bank holding company, which was approved by the U.S. Federal Reserve Board of Governors in December 2008. He was named CEO in April 2008, and was appointed to the GMAC board in March 2009.

Mr. de Molina joined Cerberus Capital Management in June 2007 following a 17-year career at Bank of America where he most recently served in a number of senior leadership roles, including chief financial officer, CEO of Banc of America Securities, president of global corporate and investment banking, and corporate treasurer.

Before joining Bank of America, de Molina served in the lead financial role for emerging markets at J.P. Morgan. He began his career in 1979 with PriceWaterhouse.

He holds a bachelorís degree in accounting from Fairleigh Dickinson University, and a masterís degree in business administration from Rutgers Business School. Born July 13, 1957 in Cuba, de Molina serves on the boards of Duke Universityís Fuqua School of Business, Florida International University and the Financial Services Volunteer Corps.

answered by Exe | 11-17-2009 at 01:46 AM

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