GMAC Financial yesterday named Thomas Marano as ResCaps chairman and chief executive officer, effective immediately.
He succeeds ResCaps current CEO, Jim Jones, who is leaving the company.
Marano will remain a Cerberus Capital Management employee and will be dedicated to ResCap to fulfill this role. He will report to GMAC CEO Alvaro de Molina.
Marano was appointed to the ResCap board as non-executive chairman in April 2008 just as he joined Cerberus as a managing director. Before this, Marano spent more than 25 years at Bear Stearns, most recently heading the global operations of mortgage trading and originations and serving on the companys board.
Additional management changes announced at ResCap include that of Joshua Weintraub, Cerberus employee and executive committee member of the ResCap board, who will assume the role of ResCap vice chairman.
Tony Renzi, chief operating officer of ResCaps U.S. Residential Funding Group, was named to the newly created position of ResCap chief operating officer. Jerry Lombardo, a Cerberus operations employee, will join the company and lead the management of the Treasury function as treasury executive, succeeding Treasurer Bill Casey, who has left the company.
As previously announced, Thomas Neary has joined ResCap from Wells Fargo as executive vice president and senior managing director of capital markets.