GMAC Appoints Walker Group Vice President

DETROIT - David C. Walker, 43, has been appointed GMAC Group Vice President and CFO GMAC Mortgage Group, GMAC Chairman Eric Feldstein announced today. The move is effective March 1, 2004.

"This move recognizes Dave's expanded stewardship in our growing mortgage operations and his strategic leadership in key funding and restructuring initiatives," Feldstein said. "His keen business insight, expertise in the capital markets and leadership at our mortgage operations have made a significant contribution to GMAC's success. GMAC will benefit tremendously from Dave's expanded role."

Walker joined GM in 1985 at GMAC in the Borrowings department in Detroit. He was appointed director of Liability Management in 1992 and named director of U.S. Funding and Securitization in 1998. In 2000, he was promoted to GMAC vice president and chief financial officer of Mortgage Operations. Walker earned a bachelor's degree in Applied Mathematics/Economics from Brown University in 1982 and a master's degree in Business Administration from the University of Michigan in 1984.

Walker's appointment is one of several GMAC leadership changes that go into effect March 1. In a separate release earlier today, GM announced the promotion of William F. (Bill) Muir, 49, to GMAC president, and Sanjiv Khattri, 39, to GMAC chief financial officer. Muir, who has served as GMAC's CFO and chairman of GMAC's Insurance Group, will now oversee GMAC's global automotive and insurance operations. Khattri, currently assistant treasurer for GM, will succeed Muir as CFO in charge of global funding, financial reporting and risk management. Muir, Khattri and Walker will report to GMAC Chairman Eric Feldstein. (For more information on this announcement, visit

Other GMAC leadership changes include the following: GMAC Executive Vice President John Gibson has been appointed President, GMAC North America; GMAC Executive Vice President Richard (Dick) Clout has been appointed President, GMAC International Operations. Both will report to Muir.


General Motors Acceptance Corporation and its subsidiaries, operating under the umbrella GMAC Financial Services, provide automotive financing, commercial finance, insurance and mortgage products, and real estate services, and have a presence in 41 nations. A wholly owned subsidiary of General Motors since 1919, GMAC has extended more than $1 trillion in credit to finance upwards of 150 million vehicles.

James Farmer

Anne Marie Sylvester