Ex-Bear exec Marano named CEO of GMAC's ResCap

[steinravnik]

Ex-Bear exec Marano named CEO of GMAC's ResCap

NEW YORK, July 22 (Reuters) - Residential Capital LLC, the GMAC LLC mortgage unit that staved off collapse in June with a $60 billion refinancing package, has named former Bear Stearns Cos executive Thomas Marano as its chief executive.

Marano, 46, replaces Jim Jones, who is leaving ResCap to spend more time with his family and work on other endeavors, GMAC spokeswoman Gina Proia said on Tuesday. Jones, 59, had been ResCap chief executive for a little more than a year.

ResCap had appointed Marano as nonexecutive chairman in April 2008, when he also joined private equity firm Cerberus Capital Management LP [CBS.UL] as a managing director.

Marano will remain a Cerberus employee and report to GMAC Chief Executive Alvaro de Molina.

Cerberus led a group that bought 51 percent of GMAC in 2006 from automaker General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), which owns the other 49 percent. GMAC, which also has auto finance and insurance operations, is based in Detroit, and ResCap in Minneapolis.

GMAC also said Joshua Weintraub, a Cerberus employee, will become ResCap vice chairman, and that Tony Renzi will become ResCap's chief operating officer, a new position. Renzi had been COO of ResCap's U.S. residential funding group.

Jerry Lombardo, another Cerberus official, will oversee ResCap's treasury operations, replacing Treasurer Bill Casey, who has also left the company, GMAC said.

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