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Business Briefing / Finance

GMAC chairman is stepping down

January 10, 2009|From Times Wire Reports

GMAC Financial Services, the financing arm of automaker General Motors Corp., said Chairman J. Ezra Merkin is stepping down, effective immediately, as it names a new board of directors.

GMAC is naming the new board under terms of its approval by the Federal Reserve last week to become a bank holding company.

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