NEW YORK — As part of becoming a bank holding company, GMAC Financial Services announced some changes to its board of directors, including the resignation of chairman J. Ezra Merkin.

Pursuant to the Federal Reserve System's order, GMAC's Board will be reconstituted no later than March 24.

GMAC's new seven-member board will consist of the GMAC chief executive officer, one representative from FIM Holdings LLC, two directors appointed by a trust to be formed by U.S. Department of the Treasury and three independent directors elected by the aforementioned directors.

In addition, General Motors and FIM Holdings LLC are each entitled to have one non-voting observer on the board, as long as they hold common interests of GMAC, officials highlighted.

Also as a part of the changes, GMAC Chairman Merkin resigned from the board late last week.

"I am pleased that GMAC has successfully completed its conversion to a bank holding company and look forward to GMAC's accomplishing its goals," Merkin said. 

The GMAC board expressed its thanks to Merkin for his dedicated service to the company over the past two years.

During the short transition period to the new board, Merkin will be replaced as chairman by Lenard Tessler, managing director and co-head of Private Equity at Cerberus Capital Management L.P., while the vacant seat will be filled by Jeffrey Lomasky, chief financial officer of Cerberus.