- After nine years in the position
- Praise for Brown
- Search for a successor
- Brown spoke at length and said 158 words
(exechange) — Charlotte, North Carolina, October 11, 2023 — JB Brown, chief executive of Ally Financial, leaves his position. As announced by Ally Financial Inc. in a news release and in a regulatory filing published on Wednesday, October 11, 2023, Jeffrey J. (JB) Brown leaves his post as chief executive officer at the car finance company, after nine years in the role, effective January 31, 2024, or an earlier date determined by the Chair of the Board.
Ally Financial will undertake a search for a successor.
The planned management change is explained as follows. Ally Financial stated: “Mr. Brown is retiring to become President of Hendrick Automotive Group, which is a longtime customer of Ally and the largest privately held automotive retail organization in the United States with nearly 11,000 employees and 131 retail franchises across 13 states.”
Ally Financial stated: “Brown will remain with Ally until January 31, 2024, or an earlier date determined by the Chair of the Board to help ensure a smooth leadership transition.”
Ally Financial said: “Jeffrey J. Brown will be stepping down early next year after serving as Chief Executive Officer and a member of Ally’s Board of Directors since 2015.”
Share price decline since October 2021
The announcement follows a decline in Ally Financial Inc.’s share price of 50% since October 2021.
In the position of CEO since 2015
JB Brown became CEO of the Company in 2015.
Jeffrey J. Brown (JB) was named Chief Executive Officer of Ally Financial Inc. in February 2015, and also serves on its Board of Directors.
Brown is driving Ally’s evolution as a leading digital financial services company.
Prior to being named CEO, Brown was President and CEO of Ally’s Dealer Financial Services business where he oversaw the auto finance, insurance, and auto servicing operations.
Brown joined Ally in March 2009 as Corporate Treasurer and, in 2011, was named Executive Vice President of Finance and Corporate Planning, leading finance, treasury and corporate-strategy initiatives.
Brown received a bachelor’s degree in economics from Clemson University and an executive master’s degree in business from Queens University in Charlotte.
He serves on the board of the Clemson University Foundation and is Chairman of the Queens University of Charlotte Board of Trustees.
Brown previously served as president of the Federal Advisory Council (FAC) for 2021.
In 2018, he was appointed by the Board of Directors of the Federal Reserve Bank of Chicago as representative for the Seventh Federal Reserve District.
He completed four years of service in 2021.
Passionate about diversity and inclusion, he joined the first 150 members of the CEO Action for Diversity & Inclusion pledge, advancing diversity and inclusion in the workplace as a competitive and societal issue.
Brown was honored as CEO of the year by the Thurgood Marshall College Fund in 2019.
In 2022, American Banker named Brown Banker of the Year, recognizing his culture-first approach to leadership, his efforts to spearhead overdraft fee elimination industry-wide, and Ally’s strong growth during his tenure.
158 words by JB Brown
In the release announcing his departure as CEO of Ally Financial Inc., JB Brown received praise.
In announcing his departure, JB Brown spoke at length and said 158 words.
“Now is the right time for me to transition”
JB Brown stated: “After 14 years at Ally, including nearly 9 years as CEO, I am so proud of how we transformed the company from the days of GMAC to who we are today, a more strategically, operationally and financially sound organization. I sincerely appreciate the fierce commitment of my more than 11,000 Ally teammates and the culture we have been building together. The guidance of our Board of Directors and the deep dedication of our management team have been essential to me at every step. 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. Ally is positioned for a bright future thanks to our amazing team and the customers we are proud to support. I especially look forward to building on Hendrick’s relationship with Ally as a customer and seeing both businesses continue to grow and succeed.”
Push-out Score for JB Brown’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that JB Brown was pushed out or felt pressure to leave his position.
exechange reached out to Ally Financial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2023 ($).