In a form 8-K filing with the Securities and Exchange Commission on Tuesday, GMAC Financial Services (GJM), the former lending arm of General Motors Corp, revealed that Chief Financial Officer Robert Hull will resign from the company at the end of March 2010 to pursue another career opportunity. The company will conduct an internal and external search for potential candidates to fill the position in the interim.
Meanwhile, private equity firm Providence Equity Partners LLC announced that Hull will join the firm as chief financial officer in early April 2010. At Providence, Hull succeeds Raymond Mathieu, who will become a Managing Director focused on special projects for the firm. Mathieu founded Providence in 1989, after serving as chief financial officer for Narragansett Capital, which he joined in 1987.
In a statement, chief executive officer of Providence, Jonathan Nelson said, "We are delighted to welcome Rob Hull to Providence. Rob brings an exceptional track record of serving as CFO at large and complex financial institutions, as well as public and private companies in a variety of industries. His experience and expertise will be invaluable as we continue to grow Providence in the years ahead."
"Ray has helped lead Providence and played an important role in supporting the investment activities through more than two decades of growth. We appreciate all his contributions, and we are pleased that he will remain at Providence in a new capacity," Nelson added.
Hull served as executive vice president and chief financial officer of GMAC since joining the company on December 3, 2007, and held responsibility for financial analysis, controls and reporting as well as accounting, business planning, corporate strategy, and tax.
While at Detroit, Michigan-based GMAC, currently 56.3% owned by the U.S. Treasury, Hull helped it become a bank holding company in late 2008 and worked closely with the U.S. Treasury and the Federal Reserve to complete multiple equity transactions in 2009 including adding Chrysler as a business partner in May 2009.
Hull joined GMAC from Bank of America Corp. (BAC), where he was most recently chief financial officer of its global wealth and investment management and principal investing divisions. He joined Bank of America in 2001 as the senior vice president for strategy and financial planning and following that position was named chief financial officer of the card services division.
Prior to joining Bank of America, Hull served in a number of chief financial officer roles including at Investorforce Holdings, Inc., Marvel Enterprises, Inc., and Wise Foods Holdings, Inc., the last two being private equity holdings belonging to KKR and others.
GJM closed Tuesday's regular trading session at $20.48, up $0.09 or 0.42% on a volume of 6,615 shares, lower than the three-month average volume of 15,938 shares.
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