---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-24-004448"
form_type: "8-K"
ticker: "ALLY"
cik: "0000040729"
company_name: "Ally Financial Inc."
filed_at: "2024-03-27T23:59:59+00:00"
generated_at: "2026-06-04T07:27:37.738397+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950103-24-004448
- form_type: 8-K
- ticker: ALLY
- cik: 0000040729
- company_name: Ally Financial Inc.
- filed_at: 2024-03-27T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/40729/000095010324004448/0000950103-24-004448-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/40729/000095010324004448/dp208986_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-24-004448
- JSON: https://secwatch.observer/filing/0000950103-24-004448.json
- Plain text: https://secwatch.observer/filing/0000950103-24-004448.txt

## Key facts
- Executive change
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/40729/000095010324004448/0000950103-24-004448-index.htm
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/40729/000095010324004448/0000950103-24-004448-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.