Doug Timmerman was named interim CEO of Ally Financial following the departure of Jeffrey J. Brown, the company announced in a press release.
Brown announced he would step down in October after fourteen years with the company, nine as CEO. He set his final day as January 31, or an earlier date as determined by the Chair of the Board.
Brown steered Ally toward mortgages and auto loans during his tenure, after the company rebranded from GMAC as part of General Motors.
As part of that mortgage push, Ally’s home lending arm partnered with HouseCanary to incorporate its portal ComeHome into its website.
“What began in 2009 as the financial reengineering of a company ultimately became a bank that truly matters in the financial industry, and now is the right time for me to transition,” Brown said of his departure.
“Ally is positioned for a bright future thanks to our amazing team and the customers we are proud to support.”
Timmerman, formerly president of dealer financial services, has spent more than three decades with Ally in a variety of leadership positions, primarily in the auto finance and insurance sectors.
Ally became a leading prime auto lender under his leadership due to his business optimization and emphasis on a diverse dealer customer base.
“Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally. I know he will ensure a seamless transition as the Board continues working with a leading search firm to identify the next permanent CEO,” said Franklin W. Hobbs, Ally’s Chairman of the Board.
Ally Financial is the nation’s largest all-digital bank, serving more than 11 million people, according to company leaders.
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