Financial Ally Inc ALLY announced the appointment of Michael G. Rhodes as the new Chief Executive Officer (CEO), effective April 29, 2024.
Rhodes replaces Jeffrey J. Brown, who stepped down from the position at the end of January 2024.
Notably, Doug Timmerman, president of Dealer Financial Services, has served as interim CEO since Brown’s departure.
Rhodes joins the company from Discover financial services DFSwhere he served as CEO and member of the board of directors.
Rhodes has over 25 years of experience in retail and consumer banking and has delivered transformative digital, data and technology strategies.
Franklin Hobbs, chairman of the board of directors of Ally Financial, said: “After an exhaustive search process, the board of directors selected Michael to lead Ally into the next phase of its evolution.”
Read also: A Financial Ally to Benefit from NIM Recovery in Lower Tax Rate Environment, Analysts See CEO Transition Soon
Discover Financial Services revealed in a regulatory filing that it accepted Rhodes’ resignation following his brief tenure in the top role.
On March 26, 2024, the Discover Financial Services Board appointed J. Michael Shepherd as interim Chief Executive Officer and President of the Company and as Interim President of the Bank, effective April 1, 2024.
Related: Capital One is preparing to acquire Discover In Landmark, a deal worth 35.3 billion dollars
Investors can gain exposure to ALLY stock via Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF RDIV AND Nuveen ESG Mid-Cap Value ETF NUMV.
Price action: ALLY shares fell 0.05% to $39.79 pre-market at last check on Thursday.
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