J. Ezra Merkin, the hedge fund manager whose investors suffered billions of losses tied to Bernard Madoff, resigned Friday as the chairman of GMAC LLC.

GMAC, which was bailed out by the government last month, said it has been forced to retool its board and will complete the changes by March 24.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.