-- Leo Shvartsman
Diane Wold will be stepping down as the managing director and head of investment banking at GMAC-ResCap at the end of December. She will also leave her post as deputy chair of the board of directors at the American Securitization Forum, according to an internal memo.
Wold’s departure from the ASF board will leave the group looking for two replacements. Greg Medcraft, chairman of the ASF board, said yesterday he was stepping down by the end of the year (TS, 11/1). The nominating committee at the ASF will vote on a replacement to serve out the rest of Wold’s term, which is scheduled to end at the end of June 2008.
GMAC-ResCap and ASF spokesmen could not comment by press time. GMAC posted a $1.6 billion third quarter loss on Thursday as the company was slugged by a downturn in the mortgage sector.