GMAC Financial Services today announced that Thomas Marano, currently non-executive chairman of Residential Capital, LLC (ResCap) is named ResCap chairman and chief executive officer, effective immediately. He succeeds ResCap's current CEO Jim Jones, who has elected to leave the company. Marano will remain a Cerberus Capital Management, L.P. employee and be dedicated to ResCap to fulfill this role. He will report to GMAC CEO Alvaro de Molina.
"Tom brings extensive experience in the mortgage and capital markets to ResCap at this critically important time for the company," said de Molina. "Under Tom's leadership, ResCap will continue to execute our ongoing plan to streamline the business and focus on core mortgage lending and servicing businesses in the U.S. and select international markets."
