NEW YORK -- GMAC, the finance company once controlled by General Motors Corp., Monday named former Bank of America Corp. chief financial officer Alvaro de Molina as its chief operating officer, a new position.

De Molina, 50, is a principal at private equity firm Cerberus Capital Management, which he joined in June after 17 years at Bank of America. Cerberus last November led a buyout group that acquired a 51 percent stake in GMAC.

At GMAC, de Molina will be responsible for real estate finance, commercial finance, and global finance and risk functions.

De Molina will report to Chief Executive Eric Feldstein, join GMAC's executive committee, and become a member of the boards of GMAC ResCap, GMAC Commercial Finance and GMAC Bank.

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters.

Editor's note:
The 3 Best Income Stocks in the World
Buffett: The best book ever written on investing.
The Mother of All Financial Disasters. Act Now.