GMAC names ex-Bank of America CFO as its COO

Newswire

NEW YORK, Aug 20 (Reuters) - GMAC, the finance company once controlled by General Motors Corp. , on Monday named former Bank of America Corp. chief financial officer Alvaro de Molina as its chief operating officer, a new position. De Molina, 50, is a principal at private equity firm Cerberus Capital Management, which he joined in June after 17 years at Bank of America. Cerberus last November led a buyout group that acquired a 51 percent stake in GMAC. At GMAC, de Molina will be ...

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