Chrysler Financial veteran Gilman retires as chief of TD Auto Finance
Gilman has led TD Auto to sharp growth following years of turmoil for predecessor Chrysler Financial.
Editor's note: An earlier version of this story incorrectly said Gilman is chairman of TD Auto Finance.
Tom Gilman, who steered Chrysler Financial through some tumultuous final years before it was bought by TD Auto Finance, will retire as the lender's CEO next month.
Gilman, 60, had an "extraordinary," 39-year career in the auto industry, said Mohammed Nakhooda, a TD Auto spokesman, on Thursday.
He said Gilman would remain with the company as a consultant until his retirement takes effect. Gilman was not available for comment.
The auto lender's fortunes are improving after a period of turmoil, including the DaimlerChrysler AG merger in 1998, followed by a divorce in 2007, when it was acquired by private equity group Cerberus Capital Management LP.
The sharp slump in industry vehicle sales starting in 2008 also undermined the lender, as well as other finance companies.
In a major setback, President Obama declined in April 2009 to include Chrysler Financial as part of the rescue of GM, the Chrysler Group and Ally Financial, the former GMAC.
Chrysler Financial didn't stop originating new loans entirely, but it shrank as old loans dropped off the books much faster than new loans could be written.
Toronto's TD Bank acquired Chrysler Financial from New York-based Cerberus in April 2011.
At the time of the deal with TD Bank, Chrysler Financial had about 3,100 U.S. dealers.
Chrysler Financial was renamed TD Auto Finance in June 2011.
Under Gilman, TD Auto grew to serve about 8,200 U.S. dealers as of the fiscal quarter that ended April 30.
It had also nearly doubled in size, to about $11.3 billion in outstanding U.S. auto loans. That was up from $9 billion a year earlier.
About $6.6 billion of that came from the Chrysler Financial acquisition.
After TD Bank bought Chrysler Financial, Gilman was appointed president and CEO of the new TD Auto Finance. He is also an executive vice president of TD Bank Group.
Before that, he had been chairman and CEO of Chrysler Financial since January 2009. He was instrumental in managing Chrysler Financial through the Chrysler bankruptcy that year.
Gilman spent 27 years at the former Chrysler Corp., where he held positions in finance, manufacturing, product development, sales, marketing and international operations.
He also had a stint at Asbury Automotive Group as CFO in 2001 and 2002, a period that included the dealership group's initial public offering.
You can reach Jim Henry at email@example.com.