Ally Financial names Michael G. Rhodes as CEO, effective April 29, 2024

Ally Financial Inc.

Michael Rhodes, former Discover CEO, succeeds Jeffrey Brown; interim CEO Timmerman returns to Dealer Financial Services role.
Compensation includes $1M base salary, $10.5M target incentive for FY2024, plus sign-on cash of $900K and $16.2M equity grants.
Rhodes brings 25+ years in consumer banking, including leadership at TD Bank, Bank of America, and MBNA.
Appointment follows an exhaustive board search after Brown's departure in January 2024.

item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Michael G. Rhodes

Chief Executive Officer and member of the Board

ALLY · Ally Financial Inc.

Effective: 2024-04-29
Filed: March 27, 2024, 7:59 PM ET

Ally Financial Inc. (“Ally”) announced on March 27, 2024 that its Board of Directors appointed Michael G. Rhodes, 58, as the Chief Executive Officer and member of the Board of Ally and Ally Bank, effective on April 29, 2024

Role change

Douglas R. Timmerman

President of Dealer Financial Services

ALLY · Ally Financial Inc.

Effective: 2024-04-29
Filed: March 27, 2024, 7:59 PM ET

When Mr. Rhodes assumes his role of Chief Executive Officer on the Effective Date, Douglas R. Timmerman who was appointed as Interim Chief Executive Officer of Ally and Ally Bank, effective as of February 1, 2024, will conclude his interim service and will continue in his previous role as President of Dealer Financial Services.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael G. Rhodes was appointed as Chief Executive Officer and member of the Board at Ally Financial Inc..

Action: appointed
Role: Chief Executive Officer and member of the Board

Exact text from the filing

Ally Financial Inc. (“Ally”) announced on March 27, 2024 that its Board of Directors appointed Michael G. Rhodes, 58, as the Chief Executive Officer and member of the Board of Ally and Ally Bank, effective on April 29, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Douglas R. Timmerman changed role as President of Dealer Financial Services at Ally Financial Inc..

Action: returned to previous role
Role: President of Dealer Financial Services

Exact text from the filing

When Mr. Rhodes assumes his role of Chief Executive Officer on the Effective Date, Douglas R. Timmerman who was appointed as Interim Chief Executive Officer of Ally and Ally Bank, effective as of February 1, 2024, will conclude his interim service and will continue in his previous role as President of Dealer Financial Services.

View on SEC.gov

Ally Financial Inc. filing history →

Source: SEC EDGAR

accession 0000950103-24-004448

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