Ally Financial has announced that Michael Rhodes will assume the role of CEO starting April 29th. Rhodes, previously the CEO of Discover Financial Services, brings over 25 years of experience in retail and consumer banking, with stints at TD Bank and Bank of America. He will be stepping down as CEO of Discover effective April 1st but will remain an advisor to the interim CEO until April 12, 2024.
Rhodes takes the reins from Jeffrey J. Brown, who departed from the position at the end of January after nearly nine years. In the interim, Doug Timmerman, Ally’s president of dealer financial services, has been serving as CEO.
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