With more than two decades of experience in consumer banking, Rhodes poised to lead Ally into the next stage of its evolution

Michael G. Rhodes has been announced as the new CEO of Ally Financial Inc. With over 25 years of experience in retail and consumer banking, Rhodes is set to bring his expertise to further enhance Ally’s growth and development. His appointment will begin on April 29, 2024, and he will also join Ally’s board of directors at that time.

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“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.”

Meanwhile, Rhodes recently served as CEO of Discover Financial Services, bringing a wealth of experience to his new role at Ally. His background includes key positions at TD Bank and Bank of America, where he played a crucial role in implementing innovative digital 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 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. His diverse background and experience in the financial industry position him well to drive Ally Financial Inc. forward.

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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 FinancialAlly 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.

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