GMAC President Muir sets retirement

Muir: Waiting for successor.
DETROIT (Bloomberg News) -- GMAC Financial Services Inc. said President William Muir will retire within 12 months after almost 27 years at the lender and its former parent, General Motors.

Muir, 55, will continue as head of the global automotive services unit during the search for his successor, GMAC said in a statement Monday. Muir will stay “for a period of time” after his replacement arrives to help with the transition.

“We are pleased to continue to benefit from his experience during this transition period,” said CEO Michael Carpenter.

Carpenter is trying to make GMAC profitable by renewing its focus on auto financing after losses on mortgages led to three U.S. bailouts totaling $17.3 billion.

Muir became president of GMAC in 2004, when it was still part of GM, after six years as CFO. He started at GMAC in 1992, nine years after joining GM's treasurer's office in New York, which the automaker used as a training ground for top managers.

Separately, GMAC said its Residential Capital unit is quitting the European mortgage business and selling assets to funds affiliated with Fortress Investment Group LLC. The move marks another step in GMAC's effort to refocus on auto lending.