With more than two decades of experience in
consumer banking, Rhodes poised to lead Ally into the next
stage of its evolution
CHARLOTTE, N.C., March 27,
2024 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY)
announced today that Michael G.
Rhodes will be its new Chief Executive Officer, starting at
the company on April 29, 2024. 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. 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," said Rhodes. "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 and has a track record of delivering
transformative digital, data, and technology strategies.
"After an exhaustive search process, the Board has chosen
Michael to lead Ally into the next stage of its evolution. 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," said
Franklin Hobbs, Chairman of the
Board of Ally Financial. "Importantly to Ally, Michael understands
the power of a motivated workforce. He knows supporting team
members and investing in workplace culture is essential to the
mission of any organization. Indeed, his passion for serving both
customers and employees makes him an unquestionable match to lead
Ally."
Rhodes most recently served as CEO of Discover Financial
Services and was a member of the company's board of directors. He
additionally held the role of President of Discover Bank and sat on
the Bank's board of directors.
Prior to Discover, Rhodes spent over 12 years at TD Bank, most
recently as Group Head, Canadian Personal Banking, where he oversaw
the division dedicated to retail products and serving customers
through mobile, online, telephone, and a branch network over one
thousand strong. During his tenure at TD Bank, Rhodes also led
North American Credit Card and Merchant Services and served as Head
of Innovation, Technology, and Shared Services. In this role,
Rhodes strengthened operational resilience, security, and
efficiency while improving the bank's capability to support
emerging technologies, such as artificial intelligence and cloud
migration. He has also held senior positions at Bank of America and
MBNA America Bank.
Rhodes holds a master's degree in business administration from
the Wharton School at the University of
Pennsylvania and an undergraduate degree in engineering from
Duke University, where he currently
sits on the Board of Trustees.
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.
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 approximately 11
million customers through a full range of online banking services
(including deposits, mortgage, 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.
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
Jackie Hartzell
Ally Communications (Media)
980-270-4244
jackie.hartzell@ally.com
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SOURCE Ally Financial