Ally Financial names Michael Rhodes as CEO

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March 27, 2024 5:08 PM EDT

FILE PHOTO: The logo and trading information for Ally Financial Inc appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) - Ally Financial said on Wednesday that Michael Rhodes will take over as chief executive officer of the company from April 29.

Rhodes, who most recently served as the CEO of Discover Financial Services (NYSE: DFS), has previously worked at Bank of America and TD Bank in his career spanning 25 years across retail and consumer banking.

He will step down as Discover's CEO effective April 1, but will continue to serve as an advisor to the credit card issuer's interim CEO J. Michael Shepherd through April 12, 2024.

Rhodes will take over the helm from Jeffrey J. Brown, who left his position at the end of January after nearly nine years as Ally's CEO.

Ally's president of dealer financial services, Doug Timmerman, has been serving as interim CEO since Brown's departure.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Alan Barona)


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