GMAC Appoints Mark Bole Executive Vice President, GMAC International Operations

DETROIT - GMAC has named Mark F. Bole executive vice president of GMAC International Operations, succeeding Richard J. S. Clout, who is retiring April 1 after a distinguished 35-year career at the General Motors financial services subsidiary.

"Dick Clout has provided outstanding leadership to GMAC's international operations," said Eric Feldstein, GMAC chairman, and group vice president of GM. "He has overseen an unprecedented period of growth, diversification and consistently strong financial results."

Bill Muir, GMAC president, said, "Mark Bole brings excellent credentials to this position - with nearly 20 years of international experience and a diverse financial background. We're confident he will build upon the success Dick has brought to our international operations."

Bole, who was named to his present position, group vice president of GMAC European Operations, in 2003, joined GMAC in 1985. He holds a bachelor's degree in finance from Michigan State University and an MBA from Harvard University. Previous GMAC assignments include executive leadership positions in Asia-Pacific and Latin America. With this move, Bole will report to Muir and become a member of the GMAC Board of Directors.

Clout's career began at GMAC Australia in 1970. By 1987, he was GMAC vice president of Worldwide Borrowings, a position he held until 1990 when he became vice president of International Operations, and was promoted to his present assignment in 1994.

In other moves related to the GMAC announcement, Carlos E. Ribeiro moves from vice president, GMAC Asia-Pacific, to succeed Bole as GMAC regional vice president of European Operations. Rudolfus R. Grin, president, Banco General Motors Brazil, will replace Ribeiro and Moacir Cossia, general director, GMAC Portugal, will return to Brazil as Grin's successor.

GMAC and its subsidiaries provide automotive financing, commercial finance, insurance and mortgage products, and real estate and banking services, and have a presence in more than 40 markets. A wholly owned subsidiary of General Motors since 1919, GMAC has extended more than $1.3 trillion in credit to finance upwards of 158 million vehicles.