GMAC Financial Names New Chairman

Franklin (Fritz) W. Hobbs has been named as the new non-executive chairman of GMAC Financial Services, Detroit. Mr. Hobbs is currently an advisor to One Equity Partners LLC, which manages investments and commitments for JPMorgan Chase & Co. in direct private equity transactions. Previously, he was the chief executive of Houlihan Lokey Howard & Zukin. During his career, he also held the position of chairman at UBS AG's Warburg Dillon Read unit. Prior to that, he was president and CEO of Dillon, Read & Co. Inc. Besides Mr. Hobbs, Michael A. Carpenter and Mayree C. Clark have been appointed to the GMAC board. Mr. Carpenter is chairman of Southgate Alternative Investments, while Ms. Clark is a member of the investment committee for Aetos Capital Asia, which manages the firm's $6 billion in investments in Japanese and Chinese real estate. Other members of the reconstituted board at GMAC are its CEO Alvaro G. de Molina, Cerberus appointee Stephen Feinberg, Robert T. Blakely and Kim S. Fennebresque, both of whom are appointees by the U.S. Department of the Treasury.