GMAC's Chief Financial Officer Robert Hull said he would be leaving the company by the end of this month, according to a Securities and Exchange Commission filing. Hull will be joining private equity firm Providence Equity Partners next month as its CFO.
Gina Proia, the firm's chief communications officer, confirmed to ASR that Hull has elected to leave GMAC to pursue another career opportunity. She said that the company will conduct an internal and external search for potential CFO candidates in the interim.
"Rob will return to the Boston area full-time where he and his family permanently reside," Proia said, adding that Hull has been commuting to New York since joining GMAC in December 2007. "Rob has presided in the CFO role during some of the most critical moments in GMAC’s history and we thank him for his service," she said.
Meanwhile, personnel are also leaving at GMAC unit Residential Capital Corp. Bill Petersohn, director of bulk acquisitions and capital market sales for ResCap has resigned from the mortgage banker to take a job with analytics firm MCT Capital Trading, according to report from National Mortgage News.
In other company news, GMAC jumped back into the high yield market today with a proposed $1 billion deal, as the financial services firm continues its campaign to refinance as much debt as it can.
It plans to issue $1 billion in senior notes due 2020, reported LeveragedFinanceNews.com. Lead underwriter Deutsche Bank is expected to price the deal in a drive-by offering today, according to KDP Investment Advisors.