GMAC Inc, the automotive-lender owned primarily by the U.S. government, has named Bank of America (NYSE: BAC) alumni James Mackey, currently a senior finance executive for GMAC, as its interim Chief Financial Officer, following the departure of Robert S Hull last month, who became the CFO of Provident Equity Partners, a private-equity firm.
Mackey’s appointment was effective on Friday, said GMAC in a filing with the Securities Exchange Commission. The Detroit-MI based company will continue its search to find a permanent chief financial officers.
Mackey joined GMAC in March of 2009 and is currently responsible for financial planning and analysis, investor relations, and finance support for the company’s treasury and risk activities. Mackey spent 11 years working at Bank of America before taking a job with GMAC.
GMAC provides funding to automotive dealers that borrow money to finance their fleet until vehicles can be sold to consumers. The company saw a $5 billion loss during the fourth quarter of 2009 and has received $16.3 billion worth of federal bailout money. The government now owns 56% of the company, but that ownership stake could reach 80% if the U.S. Treasury opts to convert more of its stake to common equity.
Robert Hull had been CFO at GMAC since 2007 and was a member of the company’s executive committee. Hull helped GMAC become a bank holding company in 2008 and worked on federal aid as well as adding Chrysler Group LLC as a partner last year. Hull now works for Providence Equity Partners, which specializes in investing in media and entertainment companies.
