The Bank Slate


Ally Financial snags top Discover exec as its new CEO

Ally Financial in Charlotte, N.C., has hired Michael Rhodes as its new CEO.

Ally said in a press release that Rhodes will start on April 29. He will also join Ally’s board.

Rhodes recently served as CEO of Discover Financial Services, which is being acquired by Capital One Financial. He will replace Jeffrey Brown, who stepped down in January.

Doug Timmerman, Ally’s president of dealer financial services, has been serving as interim CEO.

“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive finance,” Rhodes said in the release. “The bank has successfully harnessed the power of technology to create financial solutions for its customers and communities.”

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