Ally Financial CEO Jeffrey Brown to step down
Jeffrey Brown has confirmed his decision to step down from his position as chief executive officer (CEO) and board member of the US-based online bank, lender and trading platform Ally Financial.
Jeffrey Brown steps down as CEO of Ally Financial
Initially founded in 1919 as the General Motors Acceptance Corporation (GMAC) but rebranded to Ally Financial in 2010, the company specialises in banking, home loans, and corporate and auto financing services, and is headquartered in Detroit, Michigan.
Brown first joined Ally in March 2009 as its corporate treasurer, and in 2011, was named as its EVP of finance and corporate planning, before ascending to the position of CEO in 2015.
Brown says that during his 14-year tenure, the company has become “more strategically, operationally and financially sound”, citing the guidance of its board and 11,000-strong workforce as “essential” in this achievement.
The company acquired subprime lender CardWorks for $2.65 billion in February 2020.
Although giving no specific indication behind his decision to step down from his current post, he recognises that “now is the right time for me to transition”.
He is to remain CEO until 31 January 2024, after which, he will assume the position of president for the company’s “long time” customer Hendrick Automotive Group, a privately held automotive retail organisation specialising in the selling and servicing of new and used cards, headquartered in Charlotte, North Carolina.
Ally’s board has confirmed that it has enlisted a “global executive search firm” in its search for a successor, and Brown is expected to address his transition during the release of the company’s third-quarter financial results, which is scheduled for 18 October 2023.
