Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Instagram Outage Disrupts Thousands of U.S. Users 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Ally Financial, a bank holding company headquartered in Detroit, Michigan, revealed it has selected its new chief executive officer based on the board of directors' decision. It has named Michael Rhodes for the CEO role at the company.
According to Reuters, Ally Financial confirmed on Wednesday, March 27, that Rhodes will take over as chief of the organization starting April 29 and be named a member of the company's board of directors.
Exit from Discover Financial
Rhodes is taking up the senior executive post at Ally's after resigning from Discover Financial Services. His tenure there was short, as he only took the job in December 2023. He is set to officially step down as its president and CEO on April 1.
Payments Dive reported that the outgoing chief will remain in the company until April 12 to serve as an adviser to J. Michael Shepherd, who has been appointed interim CEO. In any case, Rhodes is succeeding Jeffrey J. Brown, who vacated his post in January after leading Ally's for nine years.
Extensive Work Experience of the New CEO
Michael Rhodes is a veteran with 25 years of experience in the retail and consumer banking industry. He has a performance history of implementing transformative digital, data, and technology strategies for his companies. He is now expected to bring this expertise to Ally Financial to help realize its objectives in the field.
"After an exhaustive search process, the Board has chosen Michael to lead Ally into the next stage of its evolution," Ally Financial's chairman of the board, Franklin Hobbs, said in a press release. "Our trust is grounded in his versatile consumer banking experience, his focus on using data and insights to drive decision-making, and his commitment to creating long-term value for our stockholders."
Hobbs said, "Importantly to Ally, Michael understands the power of a motivated workforce. He knows supporting team members and investing in workplace culture is essential to the mission of any organization. Indeed, his passion for serving both customers and employees makes him an unquestionable match to lead Ally."
Photo by: Ally Financial Press Release
