Residential Capital (ResCap), an indirect wholly owned subsidiary of GMAC Financial Services, has appointed Thomas Marano, former senior managing director and global head of MBS and ABS at Bear Stearns to serve as ResCap's non-executive chairman of the board of directors. Marano succeeds former chairman Michael Rossi. As announced previously, Rossi resigned from the board effective March 17 because of medical reasons. Aside from joining the ResCap board, Marano has been appointed to the board's executive committee where he will serve with ResCap's chief executive officer Jim Jones.
Addtionally, ResCap said Joshua Weintraub, a former senior managing director with Bear Stearns' global mortgage operations as well as James Young, ResCap's chief financial officer, were elected to its board as well. Both Marano and Weintraub also were named to the board's executive committee.
The new board members will replace departed members Eric Feldstein, Sanjiv Khattri and Paul Bossidy, the mortgage company said. ResCap is looking for two more independent directors to replace Thomas Jacob and Thomas Melzer, who both left its board earlier this week.