Jeffrey J. Brown, the CEO of Ally Financial (NYSE:ALLY) Inc., has announced his resignation, effective at the end of January 2024, concluding a 14-year tenure at the financial institution. Following his departure, Brown will assume the presidency at Hendrick Automotive Group, a major Ally client and America's largest privately held automotive retail organization with 131 locations across 13 states.
During his time at Ally, Brown led the company through its transformation from its previous identity as GMAC. Under his leadership, the firm served over 11 million customers through digital banking services and securities brokerage. In addition to this, Ally maintained a strong corporate finance business catering to equity sponsors and middle-market companies while also offering auto financing and insurance services.
Brown's exit is set to mark the second significant leadership change in recent history for Ally Financial. The firm is currently working with a global executive search firm to identify Brown's successor. The transition will be a topic of discussion during Ally's third-quarter financial results release.
The outgoing CEO fostered a culture of dedication among its 11,000 teammates guided by its "Do It Right" mission. Brown will remain in his current role until January 31, 2024, or earlier if determined by Board Chair Franklin Hobbs, to ensure an orderly leadership transition.
For further queries regarding this leadership change, Sean Leary or Peter Gilchrist can be contacted.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.