Michael Rhodes has been appointed as the next CEO of Ally Financial, an online lender, bank, and trading platform with its headquarters located in Detroit, Michigan, as of April 29.
Michael Rhodes has been appointed as the next CEO of Ally Financial, an online lender, bank, and trading platform with its headquarters located in Detroit, Michigan, as of April 29.
Rhodes, who will also be joining the board of directors, will lead the 11,000-person team in charge of the company's 13 US sites' digital banking and car lending activities.
Doug Timmerman, who has been acting as Ally Financial's interim CEO since Jeffrey Brown's resignation in January, will hand over leadership to him. Since taking up the role in 2015, Brown is credited with helping the business become "more strategically, operationally, and financially sound."
Franklin Hobbs, chairman of Ally Financial, acknowledges that Brown's departure resulted in a "extensive search process." The board has charged Brown's replacement with spearheading "the next stage of its evolution," an endeavor that will be supported by his "versatile consumer banking experience" and "focus on using data and insights to drive decision-making."
Rhodes will assume his new role immediately after leaving Discover Financial Services, where he has been president and CEO since March.
Before that, he spent more than 12 years working for the massive Canadian bank TD Bank, where he was in charge of retail goods, North American credit card and merchant services, and supporting the business's use of developing technology. Additionally, throughout his career, he has held a number of prominent roles at MBNA America Bank and Bank of America.
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