NEW YORK, June 13 /PRNewswire/ — Residential Capital, LLC (ResCap), a wholly owned subsidiary of GMAC Financial Services, today announced that Karin Hirtler-Garvey has been appointed to the board, effective immediately. She will serve as an independent director along with Edward (Ted) F. Smith III, who was appointed in May 2008. Hirtler-Garvey will also chair the ResCap audit committee.
Hirtler-Garvey is a seasoned financial services professional having held various leadership roles in banking and capital markets during her career, including positions at Bank of America and JP Morgan & Co., Inc. Currently, she is the principal in a residential home construction and real estate investment venture and serves on the boards of Aeropostale Inc. and Western World Insurance Group.
ResCap also announced that GMAC Controller and Chief Accounting Officer David DeBrunner will join the ResCap board and serve on the audit committee. He assumes the seat formerly held by Linda Zukauckas, who was recently named chief financial officer for GMAC’s North American automotive finance operation. Hirtler-Garvey and DeBrunner join GMAC Chief Executive Officer Alvaro G. de Molina, Non-executive Chairman Thomas Marano, ResCap CEO Jim Jones, GMAC Treasurer David Walker, ResCap CFO James Young, Cerberus executives Ronald Kravit and Josh Weintraub, and Ted Smith on the Board of Directors.
Residential Capital, LLC, an indirect wholly owned subsidiary of GMAC Financial Services, is a leading real estate finance company. ResCap’s diversified businesses — GMAC-RFC, GMAC Mortgage, Ditech, and Homecomings Financial — cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their sale or securitization in the secondary market. ResCap operates in selected international markets and also provides capital to other originators of mortgage loans, residential real estate developers and resort and timeshare developers.
Residential Capital, LLC