Ally Financial Inc. (ALLY, +1.96%) announced today that Chief Executive Jeffrey J. Brown will be leaving the company early next year to become the president of privately-held Hendrick Automotive Group. Brown, who has been at the helm of Ally Financial since 2015, played a pivotal role in transforming the company from its former identity as GMAC, a subsidiary of General Motors Co. (GM, +1.58%), into a prominent player in the mortgage and auto loan business.
Despite the news, Ally Financial stock only experienced a slight decline of 0.6% during premarket trading on Wednesday. The company has assured a seamless leadership transition, with Brown remaining with Ally until Jan. 31 or an earlier date determined by the board chair.
Reflecting on his time at Ally Financial, Brown stated, “What started as the financial reengineering of a company in 2009 ultimately led to the establishment of a bank that holds significant clout in the financial industry. Now feels like the right time for me to make this transition.” He expressed his confidence in Ally’s bright future.
With Brown’s departure on the horizon, Ally Financial will need to find a new leader to guide the company through its next phase of growth and success.