New CEO for Charlotte-based Ally Financial comes from Discover
CHARLOTTE, N.C. (QUEEN CITY NEWS) — Ally Financial Inc. has named Michael G. Rhodes as the company’s new chief executive officer, effective April 29.
Rhodes will also be appointed as a member of Charlotte-based Ally’s board of directors at that time. He already has ties to North Carolina, serving on a university’s Board of Trustees.
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Ally says that Rhodes has more than 25 years of experience across retail and consumer banking.
“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive finance,” Rhodes said. “The bank has successfully harnessed the power of technology to create financial solutions for its customers and communities consistent with its ‘Do It Right’ mantra. I am so pleased the Board has put its trust in me to continue advancing Ally’s strategy alongside the strong leadership team.”
Rhodes replaces Jeffrey J. Brown, who stepped down at the end of January 2024 after nearly nine years as CEO.
The move comes a month after Capitol One Financial announced plans to acquire Discover for $35 billion.
Rhodes most recently served as CEO of Discover Financial Services and was a member of the company’s board of directors. He additionally held the role of president of Discover Bank and sat on the its board of directors.
“After an exhaustive search process, the Board has chosen Michael to lead Ally into the next stage of its evolution. Our trust is grounded in his versatile consumer banking experience, his focus on using data and insights to drive decision-making, and his commitment to creating long-term value for our stockholders,” said Ally Board Chair Franklin Hobbs.
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Prior to Discover, Rhodes spent over 12 years at TD Bank, most recently as Group Head, Canadian Personal Banking, where he oversaw the division dedicated to retail products and serving customers through mobile, online, telephone, and a branch network with more than 1,000 locations.
Rhodes holds a master’s degree in business administration from the Wharton School at the University of Pennsylvania and an undergraduate degree in engineering from Duke University, where he currently sits on the Board of Trustees.
Ally serves approximately 11 million customers through a full range of online banking services and securities brokerage and investment advisory services.
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