Ally Financial Taps Discover Financial Services Head Michael Rhodes As Its New CEO

Lekha Gupta

March 28, 2024

Ally Financial Inc (NYSE:ALLY) disclosed the appointment of Michael G. Rhodes as the new Chief Executive Officer (CEO), effective April 29, 2024.

Rhodes is replacing Jeffrey J. Brown, who stepped down from the post at the end of January 2024.

Notably, Doug Timmerman, President of Dealer Financial Services, had been serving as interim CEO since Brown’s departure.

Rhodes is joining the company from Discover Financial Services (NYSE:DFS), where he served as CEO and member of the Board of directors.

Rhodes has over 25 years of experience across retail and consumer banking and has delivered transformative digital, data, and technology strategies.

Franklin Hobbs, Chairman of the Board of Ally Financial, said, “After an exhaustive search process, the Board has chosen Michael to lead Ally into the next stage of its evolution.”

Also Read: Ally Financial To Gain From NIM Recovery Amid Lower Tax Rate, Analyst Sees CEO Transition Soon

Discover Financial Services disclosed in a regulatory filing that it had accepted Rhodes’ resignation following his brief tenure in the top role.

On March 26, 2024, 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 Set To Acquire Discover In Landmark $35.3B Deal

Investors can gain exposure to the ALLY stock via Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV) and Nuveen ESG Mid-Cap Value ETF (BATS:NUMV).

Price Action: ALLY shares are down 0.05% at $39.79 premarket on the last check Thursday.

Photo via Shutterstock

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