By: 4 April 2024

Rhodes succeeds Doug Timmerman, who has served as interim chief since the departure of Jeffrey Brown in January

Ally Financial names Michael Rhodes as new CEO

As well as taking up the post of chief executive officer, Rhodes will also join the board of directors at Ally. He’ll take charge of the company’s digital banking and auto financing operations, heading its 11,000-strong team across the US.

Rhodes will take the reins at Ally Financial from Doug Timmerman, who has served as interim chief executive officer since the departure of Jeffrey Brown in January. Brown has served the position since 2015, and upon stepping down commented that he was moving aside to allow the company to become “more strategically, operationally and financially sound”.

Franklin Hobbs, chairman of Ally Financial, says the company undertook an “exhaustive search process” upon learning of Brown’s decision to step aside. Hobbs also says the board has tasked its new chief executive officer with leading “the next stage of its evolution”, an effort that will be championed by Rhodes’ “versatile consumer banking experience”, as well as his “focus on using data and insights to drive decision-making”.

Rhodes has been serving as chief executive officer and president of Discover Financial Services since March. Prior to this, he worked at Canadian banking giant TD Bank for over 12 years, where his responsibility extended to overseeing the bank’s retail products, its North American credit card and merchant services, and supporting its ability to leverage emerging technologies. As well as this, Rhodes has also held various senior positions at Bank of America and MBNA America Bank.

Image: Michael Rhodes LinkedIn

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Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.