Ally Financial Inc. has announced the appointment of Michael G. Rhodes as CEO, effective April 29, 2024. In addition, he will also be appointed to Ally’s board of directors at that time. Rhodes brings to Ally over 25 years of experience across retail and consumer banking and has a track record of delivering transformative digital, data, and technology strategies.
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.
“After an exhaustive search process, the Board has chosen Michael to lead Ally into the next stage of its evolution,” said Franklin Hobbs, Chairman of the Board of Ally Financial. “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. 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 most recently served as CEO of Discover Financial Services and a member of its board of directors. He also served as President of Discover Bank and sat on its board of directors.
“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive finance,” Rhodes said. “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. “I am eager to roll up my sleeves and, together with more than 11,000 Ally teammates, get to work.”
Prior to Discover, Rhodes spent over 12 years at TD Bank, most recently as Group Head, Canadian Personal Banking, where he oversaw the division dedicated to retail products and serving customers through mobile, online, telephone, and a branch network over one thousand strong.
During his tenure at TD Bank, he also led North American Credit Card and Merchant Services and served as Head of Innovation, Technology, and Shared Services. In this role, he strengthened operational resilience, security, and efficiency while improving the bank’s capability to support emerging technologies, such as artificial intelligence and cloud migration.
He has also held senior positions at Bank of America and MBNA America Bank. 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, where he currently sits on the Board of Trustees.
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