GMAC Inc., which has almost $90 billion of consumer and commercial loans on its books, much of it related to auto financing, said tonight that its board of directors chose board member Michael Carpenter, 62, to replace Alvaro de Molina, who has resigned as chief executive. Carpenter was previously head of Citigroup’s (C) global investment bank, and held positions with the former Salomon Smith Barney and Travelers Life Insurance. The press release gives no reason for de Molina’s resignation.
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