Ally Financial Names New CEO

By Staff Writer March 31, 2024

Michael G. Rhodes will be the new chief executive officer at Ally Financial, starting April 29. He will also be appointed as a member of Ally’s board of directors at that time.

“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive finance,” said Rhodes. “The bank has successfully harnessed the power of technology to create financial solutions for its customers and communities consistent with its ‘Do It Right’ mantra. I am so pleased the Board has put its trust in me to continue advancing Ally’s strategy alongside the strong leadership team.”

“I am eager to roll up my sleeves and, together with more than 11,000 Ally teammates, get to work.”

Rhodes brings to Ally over 25 years of experience across retail and consumer banking.

“After an exhaustive search process, the Board has chosen Michael to lead Ally into the next stage of its evolution,” said Franklin Hobbs, chairman of the board of Ally Financial. “Our trust is grounded in his versatile consumer banking experience, his focus on using data and insights to drive decision-making, and his commitment to creating long-term value for our stockholders.

Rhodes most recently served as CEO of Discover Financial Services and was a member of the company’s board of directors.

Prior to Discover, Rhodes spent over 12 years at TD Bank, He has also held senior positions at Bank of America and MBNA America Bank.

Rhodes replaces Jeffrey J. Brown, who stepped down at the end of January 2024 after nearly nine years as CEO. Doug Timmerman, Ally’s president of Dealer Financial Services, has been serving as interim CEO since Brown’s departure.

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Last modified on Tuesday, 02 April 2024 11:21