On March 27, Ally Financial announced that Michael G. Rhodes will become the company’s new CEO, effective April 29, 2024. At that point, Ally will also name him to their board of directors.
Throughout his 25-year career, Rhodes has held retail and consumer banking positions at Bank of America, TD Bank, and most recently as CEO of Discover Financial Services.
April 1 marks his last day as CEO of Discover; nevertheless, he will remain an advisor to J. Michael Shepherd, the credit card issuer’s interim CEO, until April 12, 2024.
“Ally’s transformational approach to digital banking and its dominant position in auto financing has always been admirable. In keeping with its ‘Do It Right’ mantra, the bank has created financial solutions for its communities and customers by effectively utilizing technology. Alongside the capable leadership group, I am thrilled that the Board has continued to entrust me with carrying out Ally’s plan,” Rhodes remarked in an official press release. “I am eager to roll up my sleeves and, together with more than 11,000 Ally teammates, get to work.”
Rhodes received his undergraduate engineering degree from Duke University, where he is a current board member, and his master’s degree in business administration from the Wharton School at the University of Pennsylvania.
Rhodes succeeds Jeffrey J. Brown, the CEO, who left his position at the end of January 2024 after serving for over nine years. Since Brown’s resignation, Ally’s President of Dealer Financial Services, Doug Timmerman, has been acting as interim CEO.
