Brown has served as Ally's Chief Executive
Officer since 2015
Brown will remain through early 2024 before
becoming President of Hendrick Automotive Group
CHARLOTTE, N.C., Oct. 11,
2023 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY)
announced today that Jeffrey J.
Brown will be stepping down early next year after serving as
Chief Executive Officer and a member of Ally's Board of Directors
since 2015. The Board has engaged a leading global executive search
firm, and the search for a successor is underway.
"After 14 years at Ally, including nearly 9 years as CEO, I am
so proud of how we transformed the company from the days of GMAC to
who we are today, a more strategically, operationally and
financially sound organization," said Brown. "I sincerely
appreciate the fierce commitment of my more than 11,000 Ally
teammates and the culture we have been building together. The
guidance of our Board of Directors and the deep dedication of our
management team have been essential to me at every step."
Brown will remain with Ally until January
31, 2024, or an earlier date determined by the Chair of the
Board to help ensure a smooth leadership transition. Following his
departure, Brown will become President of Hendrick Automotive
Group, a longtime customer of Ally and the largest privately held
automotive retail organization in the
United States with nearly 11,000 employees and 131 retail
franchises across 13 states.
"What began in 2009 as the financial reengineering of a company
ultimately became a bank that truly matters in the financial
industry, and now is the right time for me to transition. Ally is
positioned for a bright future thanks to our amazing team and the
customers we are proud to support," continued Brown. "I especially
look forward to building on Hendrick's relationship with Ally as a
customer and seeing both businesses continue to grow and
succeed."
Franklin Hobbs, the Chair of
Ally's Board, added: "JB has been an exceptional leader and fellow
director, steering Ally with a skilled, steady hand for nearly nine
years. He is held in the highest regard throughout the organization
and the banking industry. Colleagues and peers alike value his
commitment to excellence, motivating ingenuity, and unrelenting
dedication to the Ally culture."
Brown will address his transition during Ally's previously
announced release of its third-quarter financial results, which is
scheduled for Wednesday, October 18,
2023.
About Ally Financial
Ally Financial Inc. (NYSE: ALLY)
is a financial services company with the nation's largest
all-digital bank and an industry-leading auto financing business,
driven by a mission to "Do It Right" and be a relentless ally for
customers and communities. The company serves more than 11 million
customers through a full range of online banking services
(including deposits, mortgage, point-of-sale personal lending, and
credit card products) and securities brokerage and investment
advisory services. The company also includes a robust corporate
finance business that offers capital for equity sponsors and
middle-market companies, as well as auto financing and insurance
offerings. For more information, please
visit www.ally.com and follow @allyfinancial.
For more information and disclosures about Ally,
visit https://www.ally.com/#disclosures.
For further images and news on Ally, please
visit http://media.ally.com.
Contacts:
Sean Leary
Ally Investor Relations
704-444-4830
sean.leary@ally.com
Peter Gilchrist
Ally Communications (Media)
704-644-6299
peter.gilchrist@ally.com
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SOURCE Ally Financial