Ally Financial Inc. named Jeffrey J. Brown the company’s CEO, effective immediately, according to a news release Monday (Feb. 2).
Brown, who most recently served as president and CEO of Ally’s Dealer Financial Services business, has also joined Ally’s Board of Directors. Brown succeeds Michael A. Carpenter who is retiring as chief executive and from the board.
“I am honored to be Ally’s new CEO. We are one of the country’s largest providers of automotive financing products and services, combined with the consensus premier direct banking franchise in the country,” Brown said.
Ally Chairman Franklin “Fritz” Hobbs will work closely with Brown on all areas of the business.
“Jeff Brown is an extraordinarily talented executive with deep financial and operational experience and a strong vision of how to take Ally forward into the future,” Hobbs said.
Hobbs joined the company in 2009 as corporate treasurer. In 2011, he became executive vice president of finance and corporate planning, where he oversaw the company’s finance, treasury and corporate strategy activities.
In March 2014, he was named CEO of Ally’s Dealer Financial Services business.
“The breadth of experience Jeff has gained during these transformational years at Ally has prepared him fully to take on leadership of the company as it enters its next chapter,” Hobbs said.
“Michael Carpenter has done an outstanding job as CEO and as a Board member since joining us at an especially difficult and pivotal time in 2009,” Hobbs said. “Among many other accomplishments, he led our rebranding as Ally; strengthened our financial and market position; restructured a former captive finance company to be the premier, independent auto finance provider; and made Ally a leader in the growing direct banking space.”
Carpenter also completed the company’s initial public offering in 2014, and saw the company through its exit of the U.S. government’s Troubled Asset Relief Program, which it entered in 2008.
“Mike (Carpenter) stepped in when we needed him most,” Hobbs added. “Ally is a stronger and more focused financial services company today because of him, and it has a great future thanks to his tireless leadership over the past five years.”
“Ally is a tremendous success story on many levels, and I am proud to have been part of it, working alongside so many tremendously talented people as we built what is today the country’s leading auto finance provider, powered by a growing direct bank,” Carpenter said.