GMAC chief financial officer Hull departing for position with private equity firm

GMAC finance chief leaving for private equity job

NEW YORK — Automotive finance company GMAC Financial Services will lose its chief financial officer to a private equity firm by the end of March, the company said Tuesday.

Robert S. Hull will leave GMAC to become CFO at Providence Equity Partners in early April, according to a statement from the Providence, R.I., equity firm.

GMAC said it will conduct a search for a new CFO. It disclosed his departure in a filing with the U.S. Securities and Exchange Commission.

GMAC, which is based in Detroit, is majority-owned by the federal government. It had a $5 billion loss during the last three months of 2009.

At Providence, Hull, 46, will succeed Raymond Mathieu, who will become a managing director focused on special projects.

Hull had been CFO at GMAC since 2007, was a member of the executive committee and briefly served on the board of directors. Hull helped GMAC become a bank holding company in 2008 and worked on federal aid and on adding Chrysler Group LLC as a partner last year, according to a statement from Providence.

GMAC has received $16.3 billion in federal bailout money. The government’s stake in the company stands at 56 percent, up from 35 percent. That could go to nearly 80 percent if the government opts to convert more of its stake to common equity.

Providence Equity specializes in investing in media, entertainment, communications and information companies. It manages funds with over $22 billion in equity, the company’s statement said.