Carpenter joins GMAC

NEW YORK: GMAC Chief Executive Al de Molina has resigned, and will be replaced by Michael Carpenter, the troubled lender said.

Carpenter, 62, is a former Citigroup Inc senior executive, having headed the global corporate and investment bank and the alternative investments business.

GMAC has taken $12.5 billion of rescue funds from the US government, and the US is looking to give it about another $2 billion to $5 billion.