Cerberus European Capital Advisors, an affiliate of New York-based Cerberus Capital Management, has named Kenneth Leet as president, Cerberus said in a statement.
Leet joined the Ford Motor Company in August as a special advisor to Ford’s chairman and chief executive officer Bill Ford.
Prior to Ford, Leet spent more than 18 years at the investment bank and management firm Goldman Sachs, where he was a partner in the company’s investment banking division. He also was a member of the mergers acquisitions department and held roles in leveraged finance and principal investing. He also worked in the international operations division of Bank of America.
Leet will work closely with John Snow, who became the chairman of Cerberus Capital Management last month. Snow was the 73rd US Secretary of the Treasury who served under President George W. Bush, became the chairman of Cerberus Capital Management last month. According to the statement, Snow “has indicated that he considers Europe a priority and will spend significant time there working closely with Mr. Leet to develop the European business.”
Cerberus Capital and the private equity unit of Citigroup agreed to buy a 51 percent stake in General Motors Acceptance Corp, the financing arm of the struggling automaker General Motors, for $14 billion in April. In July, the federal pension insurer Pension Benefit Guaranty Corporation said it would not hold the buying consortium responsible for GM’s pension obligations.
Struggling Ford Motor has reportedly considered pursuing a privatisation, among other strategic options.