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Posted 11 October, 2023

Ally Financial Inc. appointed new CEO

CEO Change detected for ticker NYSE:ALLY in a 8-K filed on 11 October, 2023.


  On October 11, 2023, Ally Financial Inc. ("Ally") announced that Jeffrey J. Brown had provided notice of his intent to retire as Chief Executive Officer and a member of Ally's Board of Directors ("Board") on January 31, 2024, or an earlier date identified in writing by the Chair of the Board (the earlier of these dates, "Agreed Retirement Date").  

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Overview of Ally Financial Inc.
Financial Services • Banking
Ally Financial, Inc. engages in the provision of automotive financing and insurance services. It operates through the following segments: Automotive Finance Operations, Insurance Operations, Corporate Finance Operations, and Corporate and Other. The Automotive Finance Operations segment offers automotive financing services to consumers, automotive dealers and retailers, companies, and municipalities. The Insurance Operations segment includes consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. The Corporate Finance Operations segment is involved in senior secured asset-based and leveraged cash flow loans to mostly U.S.-based middle-market companies, with a focus on businesses owned by private equity sponsors. The Corporate and Other segment consists of centralized corporate treasury activities, such as management of the cash and corporate investment securities and loan portfolios, short- and long-term debt, retail and brokered deposit liabilities, derivative instruments, original issue discount, and the residual impacts of corporate FTP and treasury ALM activities. The company was founded in 1919 and is headquartered in Detroit, MI.
Market Cap
$10.9B
View Company Details
Ally Financial Inc. by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On October 11, 2023, Ally Financial Inc. ("Ally") announced that Jeffrey J. Brown had provided notice of his intent to retire as Chief Executive Officer and a member of Ally's Board of Directors ("Board") on January 31, 2024, or an earlier date identified in writing by the Chair of the Board (the earlier of these dates, "Agreed Retirement Date"). 

Mr. Brown is retiring to become President of Hendrick Automotive Group, which is a longtime customer of Ally and the largest privately held automotive retail organization in the United States with nearly 11,000 employees and 131 retail franchises across 13 states. 

On the condition that Mr. Brown continues to perform his duties and obligations through the Agreed Retirement Date, Ally confirmed that Mr. Brown is eligible for retirement as defined in the Ally Incentive Compensation Plan as amended and restated effective as of May 4, 2021 ("Plan") and approved that Mr. Brown will (1) continue to receive the same annualized base salary ($1,000,000), benefits, and perquisites through the Agreed Retirement Date and (2) remain eligible for the full-year discretionary 2023 cash and equity-based incentive-compensation awards based on Ally's performance and Mr. Brown's performance as Chief Executive Officer as determined by the Compensation, Nominating, and Governance Committee of the Board in the ordinary course, in good faith, and without any prejudice due to Mr. Brown's notice of intent to retire. 

All payments and other distributions to Mr. Brown remain subject to the Plan and Ally's other compensation-and-benefits plans and policies (including those relating to cancellation, recovery, forfeiture, or repayment). 

A copy of the letter agreement between Ally and Mr. Brown accepting the notice of his intent to retire is attached as Exhibit 10.1 and incorporated by reference.