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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
