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| Three directors were added to GMAC Financial Services’ board — which elected a new chairman.The bank-holding company announced today that Franklin ‘Fritz’ W. Hobbs has been elected chairman, an announcement Wednesday said.
Hobbs currently serves as an advisor to One Equity Partners LLC — which manages investments and commitments for JPMorgan Chase & Co. He has also held senior positions at Houlihan Lokey Howard & Zukin and UBS AG’s Warburg Dillon Read unit. Hobbs joins Michael A. Carpenter and Mayree C. Clark as new directors of the Detroit-based financial institution. Robert T. Blakely and Kim S. Fennebresque were appointed directors last week by the U.S. Department of the Treasury following a $7.5 billion government investment in the company. At the time, GMAC — the parent of Residential Capital LLC — promised to quickly fill the three director slots. |
