GMAC Finance Chief Leaves for Private-equity Firm
NEW YORK - The CFO of GMAC Financial Services is leaving the auto lender to join a private-equity firm, Reuters reported.
Robert Hull will join Providence Equity Partners in April as chief financial officer. Before arriving at GMAC in 2007, he was CFO of Bank of America Corp.'s global wealth and investment management business, Providence Equity said in a statement.
GMAC said Hull, 46, will leave at the end of the month. The former General Motors finance arm will search internally and externally for a replacement, according to a U.S. regulatory filing.
The lender has been kept afloat with government support and is now 56 percent owned by the U.S. Treasury. Cerberus Capital Management LP owns 14.9 percent; third party investors own 12.2 percent; an independent trustee for GM owns 9.9 percent; and a GM affiliate owns 6.7 percent.
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