Ally Financial Names New CEO
NEW YORK — Ally Financial Inc. announced today that Jeffrey Brown was named CEO. The former president and CEO of Ally’s dealer-financial services business succeeds Michael A. Carpenter, who is retiring from his post and from the company’s board after five years. Brown also joins the finance source’s board of directors. He will work closely ... Read More »
NEW YORK — Ally Financial Inc. announced today that Jeffrey Brown was named CEO. The former president and CEO of Ally’s dealer-financial services business succeeds Michael A. Carpenter, who is retiring from his post and from the company’s board after five years.
Brown also joins the finance source’s board of directors. He will work closely with Chairman Franklin “Fritz” Hobbs on all areas of the business, officials said.
“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,” said Hobbs. “The breadth of experience Jeff has gained during these transformation years at Ally has prepared him fully to take on leadership of the company as it enters its next chapter.
Brown joined the company in 2009 as corporate treasurer. In 2011, he became executive vice president of financing 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.
“I am honored to be Ally’s new CEO,” Brown said. “We are absolutely committed to continue serving our millions of retail customers and nearly 17,000 auto dealers with market-driven, innovative products and services supported by 7,000 dedicated Ally employees. We are well positioned to meet the challenges of the evolving OEM market, meet our origination goals, serve our customers better than ever and improve returns for shareholders.”
Carpenter also joined the company in 2009, becoming CEO during a pivotal time. He guided the firm through the 2009 financial crisis and led its transformation from captive finance company to an independent auto finance provider and then publicly traded company last year. In late December, the U.S. Treasury Department sold off its last remaining shares in Ally, marking the end of the government’s final investments in the Troubled Asset Relief Fund (TARP). Hobbs noted that U.S taxpayers made $2.4 billion on their investment in the financial services company.
“Mike stepped in when we needed him most,” Hobbs said. “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. On behalf of the entire board, I thank him for his many contributions and wish him well for the future.”
Carpenter will continue serving as a consultant to the board. And according to officials, Carpenter had been working with the board for several months on succession planning.
“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. “Having completed our IPO last April and exited the TARP in December with a strong balance sheet and a market leading position, it is the right time for me to step aside to hand the baton to the next general of leadership. I am pleased that Jeff Brown, who was my recommended successor, has been chose as Ally’s next CEO. I have great confidence in Ally’s future and believe it will continue to grow from strength to strength.”
Steven Feinberg, CEO of Cerberus Capital Management, one of Ally’s largest shareholders, added: “I am extremely enthusiastic about Jeff Brown’s assuming leadership of the company. He brings energy, experience and strategic rigor to the job. Having observed Fritz Hobbs’ leadership of Ally’ board for the past five years, I am particularly pleased that Fritz and Jeff will be working closely together guiding this company for many years to come.”
More Industry

Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →