Former Bank of America finance chief Alvaro de Molina will become chief operating officer of GMAC, the lending company part owned by General Motors Corp.
De Molina recently joined Cerberus Capital Management, the private equity giant that bought a majority stake in GMAC last year, to help oversee the finance company.
He will step in to the newly created position of chief operating officer, overseeing the company's real estate and commercial finance operations, according to a statement released today by GMAC.
De Molina, 50, quit his job at Bank of America last year and in June moved to Cerberus.
The New York-based buyout firm led a group of investors that bought 51 percent of GMAC from GM last fall.
"Al brings strong leadership and expertise in the financial services arena," GMAC Chief Executive Officer Eric Feldstein said in the statement.
Among those reporting to de Molina will be Jim Jones, GMAC executive vice president and president of Residential Capital LLC.
Bill Hall, president of GMAC Commercial Finance LLC; and Sanjiv Khattri, GMAC executive vice president and chief financial officer of GMAC and ResCap.
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