Paradis to Retire; Jones to succeed as ResCap CEO
Chapman to lead U.S. Residential Finance Group
MINNEAPOLIS, April 17 /PRNewswire/ -- GMAC Financial Services (GMAC)
today announced several senior executive changes at its real estate finance
operations, Residential Capital, LLC (ResCap).
GMAC said today that ResCap's Chief Executive Officer Bruce Paradis
will retire on June 1, 2007, capping a 24-year career at GMAC. Prior to
leading the formation of ResCap in May 2005, Paradis, 58, served as
president and CEO of GMAC-RFC (now a part of GMAC ResCap) from 1994 to
2005. He first joined GMAC-RFC in 1983 as its vice president of marketing
and held several leadership positions in sales, marketing, and operations
before being appointed to CEO of ResCap.
"During his 24-year tenure with GMAC, Bruce has built one of the most
respected real estate finance companies in the world," said GMAC Chief
Executive Officer Eric Feldstein. "Under his leadership, the company
developed many innovative mortgage products and cultivated new markets in
the real estate sector. Bruce also led the effort to export ResCap's
mortgage platform overseas where its profitable International Business
Group has continued to thrive. We thank Bruce for his many years of
distinguished service and wish him well in retirement."
In retirement, Paradis plans to remain involved in the housing
industry, including continuing to work with the Homeownership Preservation
Foundation, which he helped establish, and Habitat for Humanity.
Paradis will be succeeded by Jim Jones, currently ResCap chief
operating officer and president of its U.S. Residential Finance Group. In
addition, Craig Chapman, previously chief executive officer of Aegis
Mortgage Corporation, has joined GMAC ResCap as president of ResCap's U.S.
Residential Finance Group, effective immediately, succeeding Jones in that
capacity.
Jones, 58, an industry veteran with more than 30 years experience in
the mortgage industry, joined ResCap in March 2007 to lead ResCap's U.S.
Residential Finance Group. Jones had previously served as CEO at Aegis
Mortgage Corporation. He also served as president of banking and insurance,
as well as head of consumer credit, at Bank of America, and previously
worked in senior leadership positions at Wells Fargo and Citigroup.
Chapman, 50, also is a financial services industry veteran with more
than 25 years experience. Prior to his service at Aegis Mortgage, Chapman
served as president of Washington Mutual's Commercial division. Chapman
also served as president of AMRESCO Residential Mortgage Corporation in
Irvine, Calif., and spent 17 years with Household Finance Corporation,
which included several international assignments.
"We are pleased to have Jim Jones ready to step up to the CEO role. In
his short tenure at ResCap, he has already established a strong leadership
record, and has won the respect and confidence of the ResCap team,"
Feldstein said. "We are also pleased to welcome Craig Chapman to ResCap.
Jim and Craig bring years of significant experience that will enhance our
ability to compete
in a very challenging mortgage marketplace while continuing to seek
opportunities for growth."
GMAC also announced today that Executive Vice President and Chief
Financial Officer Sanjiv Khattri will continue to handle the additional
responsibilities of ResCap CFO, which was announced in March.
"In this difficult and challenging housing market environment,
maintaining a strong and experienced leadership team at ResCap is a
priority," said Feldstein. "The top management team now in place --
combined with the company's geographic and product diversity -- provides
ResCap with an important competitive advantage over the long term."
About GMAC Financial Services:
GMAC Financial Services (http://www.gmacfs.com) is a global, diversified
financial services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and commercial finance
businesses. GMAC was established in 1919 and currently employs about 31,400
people worldwide. At Dec. 31, 2006, GMAC held more than $287 billion in
assets and earned net income for 2006 of $2.1 billion on net revenue of
$18.2 billion.
Residential Capital, LLC (http://www.rescapholdings.com) is a leading real
estate finance company, focused primarily on the residential real estate
market in the United States, Canada, Europe, Latin America and Australia.
The company's diversified businesses -- GMAC-RFC, GMAC Mortgage,
ditech.com, GMAC Real Estate, and Homecomings Financial -- cover the
spectrum of the U.S. residential finance industry, from origination and
servicing of mortgage loans through their securitization in the secondary
market. It also provides capital to other originators of mortgage loans,
residential real estate developers, resort and timeshare developers and
healthcare companies.
SOURCE GMAC Financial Services
 back to top
Related links:
http://www.gmacfs.com
http://www.rescapholdings.com
CONTACT:
Gina Proia, GMAC Financial Services,
+1-917-369-2364; or Stephen Dupont, ResCap, +1-952-857-6643
|
