Ally Financial (ALLY) has issued an announcement.
Ally Financial Inc. has announced that Michael G. Rhodes will take over as the new Chief Executive Officer of both Ally and Ally Bank starting April 29, 2024, succeeding interim CEO Douglas R. Timmerman. Rhodes, a seasoned leader with over 25 years of experience in financial services, including top roles at Discover Financial Services and TD Bank Group, brings a strong background to the position. His compensation includes a $1 million base salary, potential incentives totaling $10.5 million, and additional benefits and equity awards to compensate for the earnings he is leaving behind at his former employer.
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