DETROIT, June 18 /PRNewswire/ -- William F. Muir, executive vice president and chief financial officer of GMAC, has been promoted to the additional post of chairman of the GMAC Insurance Group, effective immediately, according to GMAC Chairman and President, John D. Finnegan. In his expanded role, Muir will oversee GMAC's growing insurance operations including Integon, National General Insurance Company and Motors Insurance Corporation (MIC). Reporting to Muir in his new capacity will be Gary Y. Kusumi, president and CEO of Personal Lines for GMAC Insurance and William B. Noll, president of MIC. Muir will continue all of his current responsibilities as chief financial officer of GMAC including general finance, worldwide borrowings and new business development. He will also continue to serve on the boards of directors of GMAC, the GMAC Mortgage Group and GMAC Business Credit. Prior to his appointment as GMAC's chief financial officer in 1998, Muir served as executive director of planning for Delphi Automotive Systems from 1996 to 1998. Muir also served as vice president of GMAC's Eastern U.S. Operations from 1995 to 1996. He joined GMAC in 1992 as vice president of National Accounts. Before joining GMAC, Muir was general director of business development in the General Motors Treasurer's Office in New York. He joined GM in 1983 in the Treasurer's Office in New York and advanced through several positions there, including director of Foreign Exchange and International Cash Management, director of Overseas Borrowings, and director of Corporate Finance and Investor Relations. Muir holds a bachelor's degree in industrial engineering and operations research from Cornell University and an MBA from Harvard University. General Motors Acceptance Corporation, a wholly owned subsidiary of General Motors Corporation (NYSE: GM), is one of the world's largest financial services companies with business lines in automotive finance, commercial and residential mortgages, and insurance. At March 31, 1999, GMAC's owned assets and serviced automotive receivables exceeded $140 billion and combined managed assets of the GMAC Mortgage Group exceeded $250 billion. The GMAC Insurance Group wrote $1.9 billion in premiums in 1998 and operates in all 50 states and internationally. More information on GMAC Financial Services is available at http://www.gmacfs.com. SOURCE General Motors Acceptance Corporation -0- 06/18/99 P /CONTACT: Terry Sullivan, 313-556-1020, or James B. Kobus, 313-556-2642, both of GMAC/ /Web site: http://www.gmacfs.com/ (GM) CO: General Motors Acceptance Corporation; GMAC Insurance Group; General Motors Corporation ST: Michigan IN: FIN AUT INS SU: PER -0- Jun/18/1999 7:39 EOS (PRN) Jun/18/99 07:39 ** â -0- (PRN) Jun/18/1999 7:54
GMAC ELECTS CHAIRMAN OF INSURANCE GROUP
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