Michael Sage joined Dechert LLP as a partner in the business restructuring and reorganization practice group. Sage, resident in New York, was a partner at O'Melveny & Myers LLP and co-head of its financial restructuring group.

Troubled auto and mortgage lender GMAC LLC said chairman J. Ezra Merkin has resigned. During a short transition period, Merkin will be replaced by Lenard Tessler, managing director and co-head of private equity at Cerberus Capital Management LP, GMAC's largest shareholder, while Jeffrey Lomasky, the private equity firm's chief financial officer, will fill the vacant seat. The moves follow the Dec. 14 federal approval granted to GMAC to become a bank holding company, making it eligible for a $6 billion bailout. -- Vyvyan Tenorio

New York activist hedge fund Pershing Square Capital Management LP said partner Richard McGuire is leaving to chair struggling Borders Group Inc. He will replace Larry Pollock. McGuire joined the board in January 2008 in connection with his role as a partner at Pershing Square, which is Borders' largest investor. Pollock, who is managing partner of investment firm Lucky Stars Partners LLC, will remain as a director.

Last week, Ron Marshall, who was principal of Wildridge Capital Management, a private equity firm he founded three years ago, was named president and CEO at Borders and serves as a director. Marshall replaced George Jones, who served in that post since July 2006.

Vicky Binns, head of equities research at Merrill Lynch & Co.'s Australia operations, will join BHP Billiton Ltd.'s Singapore office. She will lead the mining giant's global team of commodity analysts.

The European head of TPG Capital's debt investment arm, Olivier Blechner, has left the firm. A spokesman for TPG confirmed the departure but would not say why Blechner left. TPG Credit Management LP is an independent affiliate of TPG Capital that invests in distressed and undervalued credit. It has a team of more than 50 investment and operations professionals in Minneapolis, London and New York. -- Christine Idzelis

RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, hired Jeremy Low as director in its oil and gas investment banking team in London. Low was most recently a director at Deutsche Bank AG, where he was responsible for industry coverage, including mergers and acquisitions and capital markets activities. He previously worked at Lehman Brothers Inc., Dresdner Kleinwort and Royal Dutch Shell plc.

Advisory firm Loughlin Meghji + Co. formed a corporate advisory group and made three hires from J.P. Morgan Securities Inc. Charles Smith, Adam Sell and Sameer Khambadkone will cover issues such as capital structure advice, debt facility amendments and restructurings, capital raising and acquisition-divestiture advice. Smith was a managing director in J.P. Morgan's leveraged finance group, while Sell and Khambadkone were executive directors.

Dahlman Rose & Co. LLC named Nicholas Pope as a vice president, equity research, focusing on the oil and natural gas exploration and production sector. Pope arrives from J.P. Morgan Chase & Co., where he covered U.S. exploration and production companies. From 2001 to 2006, he was a senior project engineer for ExxonMobil Production Co.

European buyout house Candover Partners Ltd. appointed Fredrik Arp as a senior adviser, focusing on the Nordic region and advising on investments in European industrials. He was most recently CEO and president of Volvo Car Corp.

Alexey Kondratchik rejoined Akin Gump Strauss Hauer & Feld LLP as a partner in Moscow. He represents large corporations and private investors from Russia, the U.S., Western Europe and China in connection with oil, gas and mining projects, including joint ventures, mergers and acquisitions, corporate restructurings and financings.

Greenberg Traurig LLP hired two attorneys for its Albany, N.Y., office. Jane Preston, former chief of staff to Republican state Sen. Kemp Hannon and the executive director of the New York State Senate Health Committee, joins as a senior director. Kristina Baldwin, former counsel to state Sen. James Seward, also Republican, and staff director of the New York Senate Insurance Committee, arrives as of counsel.

They will work in the government affairs, health and insurance regulatory and transactional practices.

Venable LLP hired Carollynn Callari as a partner in New York. Callari arrives from Willkie Farr & Gallagher LLP, where she was a member of the business reorganization and restructuring department for 14 years.

Expanding its national resorts and hospitality practice, Foley & Lardner LLP said Bill Guthrie, Dan Bachrach, Richard Caron, Kristina Bellock and Matthew Jassak will join its national golf and resort industry team. They join the Orlando, Fla., office from Baker & Hostetler LLP. Guthrie and Bachrach are partners, Caron is senior counsel and Bellock and Jassak are associates.