Ally Financial Inc. today (March 13) announced that it has named Jeffrey Brown, currently senior executive vice president of Finance and Corporate Planning, to the role of president and CEO of the Dealer Financial Services business.
According to a press release, Brown will have oversight for the company’s leading automotive finance, insurance and auto servicing operations. He will continue to report to Ally CEO Michael A. Carpenter.
Following a career of more than 30 years with Ally and its former parent, William (Bill) Muir has elected to retire by year-end as president and current head of the Dealer Financial Services business. Muir and Brown are committed to “an orderly transition” of responsibilities over the coming months, the company said.
“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,” said Carpenter. “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.”
Carpenter continued, “JB is a proven leader and has been a critical force in helping to implement Ally’s strategic transformation. 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.”
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 and, prior to this, he was the corporate treasurer for Bank of America.