gmac gets new ceo

The Detroit Free Press reports that Alvaro de Molina has been named to replace Eric Feldstein as CEO of GMAC "because of rising mortgage defaults and slowing auto sales." The Cerberus-owned finance company lost $2.3b last year and things don't look so hot this year so far. So where is Feldstein going? As seems to be the trend nowadays with execs who lose billions, he's being bumped up the corporate ladder where he will "will advise Cerberus on investments in financial services companies" according to a GMAC statement. Yep… sounds like just the guy I'd trust for advice on financial services.

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  • Mud Mud on Mar 19, 2008

    Titanic ->->->->->->->-> Iceberg

  • Brettc Brettc on Mar 19, 2008

    (overheard in Cerberus boardroom) "He's a straight shooter with upper management written all over him. He's proven himself to be extremely incompetent, so let's give him a promotion!"

  • Guyincognito Guyincognito on Mar 19, 2008

    Since Bob Nardelli got the Chrysler CEO job, shouldn't they have hired Bob Lutz or Carol Shelby to run GMAC?