Ally Financial is in Search of a new CEO after Jeffrey Brown’s decision to Depart

According to an announcement by Ally Financial Inc. (NYSE: ALLY), Jeffrey J. Brown will step down early next year from his role as Chief Executive Officer and as a member of Ally’s Board of Directors, a position he has held since 2015. The Board has initiated a search for a successor and has engaged a leading global executive search firm to facilitate the process.

Mr. Brown commented, “After 14 years at Ally, including nearly nine years as CEO, I am so proud of how we transformed the company from the days of GMAC to who we are today, a more strategically, operationally, and financially sound organization. I sincerely appreciate the fierce commitment of my more than 11,000 Ally teammates and the culture we have been building together. The guidance of our Board of Directors and the deep dedication of our management team have been essential to me at every step.”

Franklin Hobbs, Chair of Ally’s Board, noted, “JB has been an exceptional leader and fellow director, steering Ally with a skilled, steady hand for nearly nine years. He is held in the highest regard throughout the organization and the banking industry. Colleagues and peers alike value his commitment to excellence, motivating ingenuity, and unrelenting dedication to the Ally culture.”

Brown will continue in his role at Ally until January 31, 2024, or an earlier date, as determined by the Chair of the Board, to facilitate a seamless leadership transition. Upon his departure, Brown will assume the position of President at Hendrick Automotive Group, a long-standing customer of Ally and the largest privately held automotive retail organization in the United States, with nearly 11,000 employees and 131 retail franchises spanning 13 states.

Brown will discuss his transition during Ally’s previously announced release of its third-quarter financial results, scheduled for Wednesday, October 18, 2023.

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