Michael A. Carpenter was named chief executive officer of GMAC Financial Services in November 2009 and has served on its board of directors since May 2009. He oversees all GMAC strategy and operations to focus on strengthening the core businesses, while positioning the company for long-term growth.
Carpenter has broad and deep experience in banking, capital markets, turnarounds and corporate strategy. Most recently, he founded Southgate Alternative Investments in 2007. From 2002 to 2006, he was chairman and chief executive officer of Citigroup Alternative Investments, overseeing $60 billion of proprietary capital and customer funds globally in various alternative investment vehicles.
From 1998 to 2002, Carpenter was chairman and chief executive officer of Citigroup’s Global Corporate & Investment Bank, with responsibility for Salomon Smith Barney Inc. and Citibank’s corporate banking activities globally. Carpenter was named chairman and CEO of Salomon Smith Barney in 1998, shortly after the merger that created Citigroup and led the first ever successful integration of a commercial and investment bank.
Prior to Citigroup, he was chairman and CEO of Travelers Life & Annuity and vice chairman of Travelers Group Inc., responsible for strategy and business development. From 1989 to 1994 he was chairman of the board, president and CEO of Kidder Peabody Group Inc., a wholly owned subsidiary of General Electric Company.
From 1986 to 1989, Carpenter was executive vice president of GE Capital Corporation. He first joined GE in 1983 as vice president of Corporate Business Development and Planning and was responsible for strategic planning and development as well as mergers and acquisitions.
Earlier in his career, Carpenter spent nine years as vice president and director of the Boston Consulting Group consulting to major companies on corporate strategy and three years with Imperial Chemical Industries of the United Kingdom.
Carpenter received a Bachelor of Science degree from the University of Nottingham, England, and an M.B.A from the Harvard Business School, where he was a Baker Scholar. He also holds an honorary degree of Doctor of Laws from the University of Nottingham. He serves on the boards of US Retirement Partners and the New York City Investment Fund and has been a board member of the New York Stock Exchange, General Signal, Loews Cineplex and various other private and public companies.