Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
November
16, 2009
(Date of
report; date of
earliest
event reported)
Commission file number:
1-3754
GMAC
INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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38-0572512
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(State
or other jurisdiction of
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(I.R.S.
Employer
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incorporation
or organization)
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Identification
No.)
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200
Renaissance Center
P.O.
Box 200 Detroit, Michigan
48265-2000
(Address
of principal executive offices)
(Zip
Code)
(866) 710-4623
(Registrant's
telephone number, including area code)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers
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On
November 16, 2009, Michael A. Carpenter, currently a director of GMAC Inc.
(“GMAC”), was named GMAC’s Chief Executive Officer, effective November 16,
2009. Mr. Carpenter replaces Alvaro G. de Molina, who announced his
resignation as Chief Executive Officer and director of GMAC on November 16,
2009, effective November 16, 2009.
A copy of
GMAC’s press release announcing the events described above is attached to this
Form 8-K as Exhibit 99.1 and is incorporated by reference herein.
Mr.
Carpenter joined the board of directors of GMAC on May 21, 2009, and he has also
been a member of GMAC’s Audit Committee and Risk and Compliance Committee since
that time. From May 21, 2009 through November 16, 2009, Mr. Carpenter
was entitled to receive a $180,000 annual retainer as a member of the GMAC Board
of Directors, a $20,000 annual retainer as a member of the GMAC Audit Committee
and a $10,000 annual retainer as a member of the GMAC Risk and Compliance
Committee. During that time, Mr. Carpenter was also entitled to
receive additional amounts for special board and committee meetings and was
entitled to reimbursement for expenses incurred in conjunction with his duties
as a director and committee member. Mr. Carpenter’s total
compensation as an independent director of GMAC for the period May 21, 2009
through September 30, 2009 was $135,750. Total compensation for the
period October 1, 2009 through November 16, 2009 has not yet been finalized, but
it is expected to be approximately $45,000. While Mr. Carpenter will
continue to serve as director of GMAC, he has stepped down as a member of the
GMAC’s Audit Committee and its Risk and Compliance Committee. As the
Chief Executive Officer of GMAC, Mr. Carpenter will not receive compensation for
being a director of GMAC.
Mr.
Carpenter’s compensation as Chief Executive Officer has yet to be determined,
though it will be consistent with Troubled Asset Relief Program (“TARP”)
guidelines and will be subject to approval by the Special Master for TARP
Executive Compensation, Kenneth Feinberg.
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Item
9.01
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Financial
Statements and Exhibits
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99.1
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Press
release, dated November 16, 2009.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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GMAC
Inc.
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(Registrant)
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Dated:
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November 20, 2009
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/S/ David J. DeBrunner
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David
J. DeBrunner
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Vice
President, Chief Accounting Officer and
Controller
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EXHIBIT
INDEX
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99.1
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Press
release, dated November 16, 2009.
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