Marano to assume ResCap CEO role; Weintraub named vice chairman; Renzi appointed COO MINNEAPOLIS, July 22
MINNEAPOLIS, July 22 /PRNewswire/ -- GMAC Financial Services today
announced that Thomas Marano, currently non-executive chairman of Residential
Capital, LLC (ResCap) is named ResCap chairman and chief executive officer,
effective immediately. He succeeds ResCap's current CEO Jim Jones, who has
elected to leave the company. Marano will remain a Cerberus Capital
Management, L.P. employee and be dedicated to ResCap to fulfill this role. He
will report to GMAC CEO Alvaro de Molina.
"Tom brings extensive experience in the mortgage and capital markets to
ResCap at this critically important time for the company," said de Molina.
"Under Tom's leadership, ResCap will continue to execute our ongoing plan to
streamline the business and focus on core mortgage lending and servicing
businesses in the U.S. and select international markets."
Marano was appointed to the ResCap board as non-executive chairman in
April 2008, at which time he also joined Cerberus as a managing director.
Prior to this, Marano spent more than 25 years at Bear Stearns & Co., Inc.,
most recently heading the global operations of mortgage trading and
originations and serving on the company's Board of Directors.
Additional management changes were announced today and effective
immediately to further strengthen the ResCap leadership team. Joshua
Weintraub, Cerberus employee and executive committee member of the ResCap
board, will assume the role of ResCap vice chairman. Tony Renzi, chief
operating officer of ResCap's U.S. Residential Funding Group, is named to the
newly created position of ResCap chief operating officer. Jerry Lombardo, a
Cerberus Operations employee, will join the company and lead the management of
the Treasury function as treasury executive, succeeding Treasurer Bill Casey
who has left the company. As previously announced, Thomas W. Neary has joined
ResCap from Wells Fargo & Company as executive vice president and senior
managing director of Capital Markets.
"These management moves will further bolster the leadership team at ResCap
and provide a diverse set of talents and skill sets as we work to stabilize
the company and weather the near-term market challenges," said de Molina. "As
we make this transition, we thank Jim for his leadership at ResCap in
executing a major restructuring of the business and managing efforts to reduce
risk and preserve liquidity."
In June, ResCap announced a comprehensive series of transactions, which
included extending unsecured debt maturities, renewing critical funding lines
and gaining additional liquidity support from GMAC and its shareholders.
About GMAC Financial services
GMAC Financial Services is a global, diversified financial services
company that operates in approximately 40 countries in automotive finance,
real estate finance, insurance and commercial finance businesses. GMAC was
established in 1919 and employs approximately 26,700 people worldwide. For
more information, go to www.gmacfs.com .
SOURCE GMAC Financial Services
