(Reuters) – Ally Financial (NYSE ) said on Wednesday that Michael Rhodes will take over as CEO of the company effective April 29.
Rhodes, who most recently served as CEO of Discover Financial Services (N:), previously worked at Bank of America and TD Bank in his career spanning 25 years in retail and consumer banking.
He will step down as CEO of Discover effective April 1, but will continue to serve as an advisor to the credit card issuer's interim CEO, J. Michael Shepherd, until April 12, 2024.
Rhodes will replace Jeffrey J. Brown, who left his position at the end of January after nearly nine years as Ally's CEO.
Ally's president of dealer financial services, Doug Timmerman, has served as interim CEO since Brown's departure.
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