GMAC Gets New Boss, Sort Of

A number of media outlets, including the Wall Street Journal, are reporting this morning that former BofA CFO Al de Molina has taken the helm of private-equity giant Cerberus’ financial-service portfolio holdings. Cerberus owns a majority stake in GMAC Financial (which includes GMAC Mortgage), having bought the unit from US-based automaker GM late last year. So the appointment amounts to a new boss for GMAC Mortgage, in essence. From the WSJ:

Mr. de Molina, 49 years old, spent 17 years at Bank of America, including stints as head of the investment bank and as finance chief. He was a darling with analysts and institutional investors, who credited him with making Bank of America’s big balance sheet more transparent and understandable. But he bristled at the job’s regulatory constraints and surprised Wall Street in December when he said he was leaving after 14 months in the role. Mr. de Molina said then he wanted to run a company or division, and knew Bank of America Chief Executive Kenneth Lewis would be in place for years to come. Since then, Mr. de Molina has been mentioned as a candidate for many high-level jobs in financial services — which Mr. de Molina says he found alternatively amusing and annoying.

Seems like an interesting character. Given his penchant for transparency, maybe he can stop GMAC Mortgage from making stupid missteps like this one. (In regard to the above link, I’m still laughing at the “test mailings” excuse, myself.)

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