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Ally Financial Names Michael Rhodes as CEO
With over two decades of experience in consumer banking, Rhodes prepared to lead Ally into the next stage of her evolution
CHARLOTTE, NC, March 27, 2024 /PRNewswire/ — Ally Financial Inc. ALLY) announced today that Michael G. Rhodes will be its new CEO, starting at the company on April 29, 2024. He will also be named a member of Ally’s board of directors at that time.
“I have long admired Ally’s transformational approach to digital banking and its leadership position in auto finance. The bank has successfully harnessed the power of technology to create financial solutions for its customers and communities, consistent with its mantra ‘Do what’s right.’ I’m so pleased that the Board has trusted me to continue advancing Ally’s strategy alongside the strong leadership team,” said Rhodes. “I’m looking forward to rolling up my sleeves and, together with more than 11,000 Allied teammates, getting to work.”
Rhodes brings more than 25 years of retail and consumer banking experience to Ally and has a track record of delivering transformative digital, data and technology strategies.
“After an exhaustive search process, the Board selected Michael to lead Ally in the next stage of its evolution. Our confidence is based on his versatile consumer banking experience, his focus on using data and insights to drive decision-making and in its commitment to creating long-term value for our shareholders,” said Franklin Hobbs, Chairman of the Board of Ally Financial. “It’s important to Ally that Michael understands the power of a motivated workforce. He knows that supporting team members and investing in workplace culture is essential to the mission of any organization. In fact, his passion for serving customers and employees makes him an unquestionable choice to lead Ally.”
Rhodes most recently served as CEO of Discover Financial Services and was a member of the company’s board of directors. Additionally, he held the position of President of Discover Bank and served on the Bank’s board of directors.
Prior to Discover, Rhodes spent more than 12 years at TD Bank, most recently as head of the Canadian Personal Banking group, where he oversaw the division dedicated to retail products and customer service across mobile, online, telephone and a branch network with more than a thousand units. . During his tenure at TD Bank, Rhodes also led credit cards and merchant services in North America 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 ability to support emerging technologies such as artificial intelligence and cloud migration. He also held senior roles at Bank of America and MBNA America Bank.
Rhodes holds a master’s degree in business administration from the Wharton School of the University of Pennsylvania and a bachelor’s degree in engineering from Duke University, where he currently serves on the Board of Trustees.
Rhodes replaces Jeffrey J. Brown, who steps down at the end of January 2024 after nearly nine years as CEO. Doug Timmerman, president of Ally’s dealer financial services, has served as interim CEO since Brown’s departure.
About Ally Financial
(NYSE: ALLY) is a financial services company with the nation’s largest fully digital bank and an industry-leading auto financing company, driven by the mission to “do the right thing” and be a tireless ally to customers and communities. The company serves approximately 11 million customers through a full range of online banking services (including deposit, mortgage and credit card products) and securities brokerage and investment advisory services. The company also includes a robust corporate finance business that provides capital to 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.
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Contacts:
Sean Leary
Combine Investor Relations
704-444-4830
[email protected]
Jackie Hartzel
Aliado Comunicações (Media)
980-270-4244
[email protected]
SOURCE Financial Ally