GMAC Financial Services, a provider of automotive finance, real estate finance and insurance services, has appointed Ray Young to its board of directors with effect from April 1, 2008.
Mr Young is executive vice president and CFO of General Motors. He assumes the board seat of GM chairman and CEO Rick Wagoner.
Mr Young became GM CFO on March 3, 2008 and prior to this served as GM group vice president of finance. During his 21-year career at GM, he has held several leadership roles around the world including: European treasurer; North America vice president and CFO; and president and managing director of GM do Brasil.
GMAC’s board consists of 13 directors with six appointed by FIM Holdings, which holds a majority interest in GMAC and is controlled by Cerberus FIM Investors, four appointed by GM and three independent directors. Mr Young is one of the four GM directors on the board.