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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 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.”

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Ally’s Bill Muir to Retire by Year’s End

DETROIT — Ally Financial Inc. named Jeffrey Brown president and CEO of the company’s Dealer Financial Services business. He will replace William (Bill) Muir, who will retire by the end of the year.
Brown, who currently serves as senior executive vice president of finance and corporate planning, will oversee the company’s automotive finance, insurance and auto servicing operations. He will continue to report to Ally CEO Michael A. Carpenter.

“Ally is fortunate to have a very strong management team that has helped to guide the company through a highly complex transformation over recent years,” Carpenter said. “Bill has been instrumental in transitioning Ally’s Dealer Financial Services business from its captive roots to a market-driven competitor that remains a leader in the industry. I want to thank him for his extraordinary leadership and his commitment to the business and Ally’s dealer customers.

Brown’s current financial responsibilities will be transferred to Ally CFO Chris Halmy. With this move, Halmy will have responsibility for all of Ally’s finance, treasury and capital markets activities.

Brown was appointed senior executive vice president of Finance and Corporate Planning in June 2011, and has played a leading role in strengthening Ally’s capital and liquidity profile, executing on the company’s strategic transformation efforts and repaying the U.S. taxpayer’s investment. Brown joined Ally in March 2009 as corporate treasurer, having previously served as corporate treasurer for Bank of America.

“JB is a proven leader and has been a critical force in helping to implement Ally’s strategic transformation,” Carpenter noted. “He has worked closely with the Dealer Financial Services team and, in his new role, is committed to advancing Ally’s leading dealer-centric business model. JB has a customer-focused mindset, and I am confident he will be a very effective leader for this business in the next chapter of Ally’s evolution.”

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