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

Recommended

The A.I. Story Nobody is Telling You (Read ASAP) - Ad

The Next Nvidia? - Ad

Crypto Reboot Finally Makes An 8,788% Return Possible [NOT Bitcoin] - Ad

Trump VP contender Kristi Noem is facing backlash for defending her dog's brutal killing on a family farm in an upcoming memoir.

In Week 1 Of Donald Trump's Hush Money Trial, A Former Tabloid Exec Revealed How Ex-President Tried To Suppress Damaging Stories

The criminal trial of former President Donald Trump, which focuses on the hush money payments made during his 2016 presidential campaign, has brought to light his alleged efforts to conceal potentially da

"Safe" Investors Who Don't Get Out of Cash NOW Could Lose Everything Over the Next Six Months

"Safe" Investors Who Don't Get Out of Cash NOW Could Lose Everything Over the Next Six Months - Ad

The next six months are going to be some of the most precarious times to invest in the history of the United States. Because for the first time, your money is at risk of being completely wiped out, even when you think it is safest. This bubble is on a schedule and to get out before your portfolio becomes shark bait, you need to...

Warren Buffett Is Known For His Simple Lifestyle But Here Are 8 Lavish Things We Know He Owns

Warren Buffett, the billionaire, embraces a modest lifestyle and prefers stashing his cash in the bank. Despite standing among the world's wealthiest, the priciest items he owns could surprise everyone.

Top 3 Tech Stocks That May Explode This Month

The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.

America's Cash Bubble Set to Burst on May 1, 2024

America's Cash Bubble Set to Burst on May 1, 2024 - Ad

For the first time I've ever heard of... we know the exact day (and time) a bubble is going to burst. This is insane and something we only have access to because of Jason's findings (that he's sharing with his ultra-elite clients). To find out what the cash bubble is and why you're vulnerable to it without even realizing...

Olympic track uniforms spark online debate about who designed them and why they're so skimpy

PARIS (AP) — U.S. track and field athletes have around four dozen pieces to choose from when assembling their uniforms at the Olympics. The one grabbing the most attention is a high-cut leotard that barely covers the bikini line and has triggered debate between those who think it is sexist and others who argue they don't need the internet to make sure they have good uniforms.

Courtroom Appearances By These Two Members Of Donald Trump's Family Could Help Him In Hush-Money Trial, Say Experts

As former President Donald Trump faces a hush-money trial, legal experts suggest that the presence of his wife, former First Lady Melania Trump, and daughter, Ivanka Trump, could significantly influence t

Small A.I. Firm Wins $2 Billion in Contracts for Breakthrough "Living Software"

Small A.I. Firm Wins $2 Billion in Contracts for Breakthrough "Living Software" - Ad

Denver firm proves its possible to use AI to save the lives of soldiers in combat. England, Germany, Japan and Australia have all signed contracts within the past 18 months.

Cathie Wood's Ark Invest Sells $20M+ Coinbase Shares As Bitcoin Trades Over $70K, Buys Palantir, Sells Nvidia Stock

On Thursday, Cathie Wood’s Ark Invest made significant trades involving Coinbase Global, Inc. (NASDAQ:COIN), Palantir Technologies Inc. (NYSE:PLTR), and Nvidia Corp.

Missouri's $2B Marijuana Market Hits Record Sales In March, Eyes Future Growth With Microbusiness Licenses

The Missouri cannabis market set a new monthly sales record in March, reaching nearly $125 million. According to the latest data from the Missouri Department of Health and Senior Services (DHSS), the adult-use cannabis sector contributed $108.7 million in March, with medical cannabis adding another $16 million, culminating in a total of $124.7 million.

MUST SEE By May 1: Beware Biden's Trojan Horse

MUST SEE By May 1: Beware Biden's Trojan Horse - Ad

It could usher in the most radical transformation of our money we've ever seen in America's history... trigger a surprise election outcome in the coming months... and fundamentally alter the value of your savings forever. One 24-year market veteran warns that most Americans simply aren't prepared for what's coming on May 1.

This Man, Who Never Went To University, Is Making $1.2M-A-Year At Deloitte At The Age Of 30

Ben Newton, a former apprentice at Deloitte, has achieved the feat of becoming a partner at the age of 30, earning $1.2 million a year.

How Much Will Taylor Swift's Net Worth Grow With 'The Tortured Poets Department'?

How much will Taylor Swift's 'The Tortured Poets Department' boost her net worth? Get expert insights here

Why James Altucher SOLD All His Bitcoin

Why James Altucher SOLD All His Bitcoin - Ad

Crypto genius James Altucher has been praising Bitcoin since it was trading for $61. But now he's buying another coin like crazy... and it's not Bitcoin!

More cows are being tested and tracked for bird flu. Here's what that means

U.S. health and agriculture officials are and tracking of bird flu in dairy cows in an urgent effort to understand — and stop — the growing outbreak.

Why Dragonfly Energy Shares Are Rocketing Premarket Tuesday

Dragonfly Energy shares surge premarket after reporting Q4 2023 results, with decreased sales and improved Adjusted EBITDA.

The Mysterious Tale of "America's No. 1 Retirement Stock"

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Tesla Bull Says 'Don't Know...What's Going To Happen To TSLA Stock Next Week' Ahead Of Earnings Call: 'Much Depends On...'

Black expects the $25K compact's production to commence in 2026, despite the prioritization of the robotaxi project.

General Motors And Ford Are Facing The Same Challenge As They Run Back To Gas-Powered Trucks

General Motors (NYSE: GM) and Ford Motor (NYSE: F) will report their first quarter results next week.

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In - Ad

If you currently own NVIDIA (NVDA)... Or were thinking of buying it in the weeks ahead... I urge you to review my recent interview before you move your money. There's a BETTER AI stock to buy than NVDA right now, especially in the coming $7 trillion A.I. boom.

Why Media Company Omnicom Shares Are Trading Higher Premarket Today

Omnicom Group reported 5.4% revenue growth, with organic growth of 4.0%. Adjusted EPS beat expectations.

FBI Chief To Warn Congress Of Potential Coordinated Attack In US Similar To Russia Massacre: 'Threats To Our Public Safety And National Security...So Elevated'

FBI Director Christopher Wray is expected to raise concerns about the possibility of a coordinated attack in the United States, similar to the recent massacre in Russia, in a congressional hearing on Thursday.

Biden's Closed-Door AI Meeting

Biden's Closed-Door AI Meeting - Ad

Things are moving so fast, President Biden just met with 8 of the top AI experts in the world to figure out how to regulate it. And this small-cap is at the center of this AI-biotech revolution.

Elon Musk Gets Fresh Challenge In His X Plans As Naval's Airchat App Begins Making Buzz

AngelList co-founder Naval Ravikant has launched a new social media app called Airchat, to take on Elon Musk's hate speech-inundated X.

Hochul announces budget outline as lawmakers continue to hash out details

ALBANY, N.Y. (AP) — New York Gov. Kathy Hochul on Monday announced the framework of a $237 billion that includes broad plans to drive new housing construction, address the influx of migrants and crack down on .

5 Wall Street Legends Just Bought This One Stock

5 Wall Street Legends Just Bought This One Stock - Ad

"If you're not at the table, you're on the menu," says former Goldman Sachs VP, Dr. David Eifrig.

What's Going On With Freeport-McMoRan Shares Today?

Freeport-McMoRan reports Q1 FY24 results, beats expectations in revenue and adjusted EPS. Copper and gold sales increase.

Kentucky governor announces lottery to award initial round of medical cannabis business licenses

FRANKFORT, Ky. (AP) — Kentucky will use a lottery system to award an initial round of licenses to businesses competing to participate in the state's startup medical cannabis program, Gov. Andy Beshear announced Thursday.

The No. 1 Crypto for 2024

The No. 1 Crypto for 2024 - Ad

We're entering the final crypto bull run, and 2024 will be your last chance to ever get rich from crypto. These five tiny cryptos are believed to create generational wealth over the next 12 months. $30 trillion is poised to funnel into the crypto markets thanks to a new government regulation just signed.

Dead whale in New Jersey had a fractured skull among numerous injuries, experts find

LONG BEACH TOWNSHIP, N.J. (AP) — A post-mortem examination of a whale that washed ashore on New Jersey's Long Beach Island found that the animal had sustained numerous blunt force injuries including a fractured skull and vertebrae.

TikTok Sale Or Ban? Social Media Giant's Future Hangs In Balance As House Passes Controversial Bill

On Saturday, the U.S. House of Representatives passed a bill that could significantly impact the future of TikTok in the U.S.

What Should You Be Doing To "A.I.-Proof" Your Retirement?

What Should You Be Doing To "A.I.-Proof" Your Retirement? - Ad

A.I. is creeping into every aspect of our daily lives... According to billion-dollar fund manager Louis Navellier, it's never been more important to A.I.-proof your wealth. He lays out three simple steps to take ASAP in his latest video.

Russian Government-Linked Hackers Stole Federal Email Correspondence With Microsoft: CISA

Russian government-linked hackers, identified as Midnight Blizzard, have stolen email correspondences from several U.S. federal agencies and Microsoft, marking a significant cybersecurity breach.

Former Trump Attorney Vows To Cease Public Criticism Of Ex-President Until Hush-Money Trial Is Over

Legal experts voiced concerns about Cohen's ongoing public commentary on the case.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

Apple, Rivian, Amazon, Nikola, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Thursday, the primary U.S. stock market benchmarks closed higher, with the S&P 500 increasing by 0.74% to reach 5,199.06.

Kurdish separatists and water issues loom large in long-awaited Erdogan visit to Iraq

BAGHDAD (AP) — Turkish President Recep Tayyip Erdogan was set to make his first official visit to Iraq in more than a decade on Monday as his country seeks greater cooperation from Baghdad in its fight against a Kurdish militant group that has a foothold in northern Iraq.

Next President (Not Trump. Not Biden.)

Next President (Not Trump. Not Biden.) - Ad

Do you want to see who I believe will be the next president of the U.S.A? It won't be Biden... And it won't be Trump.

Germany's Scholz calls for fair competition and warns against dumping during China visit

BEIJING (AP) — German Chancellor Olaf Scholz called for fair competition in trade relations with China while warning about dumping and overproduction as he spoke to students in Shanghai on Monday.

Trending Now