Ally Financial Inc. announced that Michael G. Rhodes will be its new Chief Executive Officer, starting at the company on April 29, 2024. He will also be appointed as a member of Ally's board of directors at that time. Rhodes brings to Ally over 25 years of experience across retail and consumer banking and has a track record of delivering transformative digital, data, and technology strategies.

Rhodes most recently served as CEO of Discover Financial Services and was a member of the company's board of directors. He additionally held the role of President of Discover Bank and sat on the Bank's board of directors. Prior to Discover, Rhodes spent over 12 years at TD Bank, most recently as Group Head, Canadian Personal Banking, where he oversaw the division dedicated to retail products and serving customers through mobile, online, telephone, and a branch network over one thousand strong.

During his tenure at TD Bank, Rhodes also led North American Credit Card and Merchant Services and served as Head of Innovation, Technology, and Shared Services. In this role, Rhodes strengthened operational resilience, security, and efficiency while improving the bank's capability to support emerging technologies, such as artificial intelligence and cloud migration. He has also held senior positions at Bank of America and MBNA America Bank.

Rhodes holds a master's degree in business administration from the Wharton School at the University of Pennsylvania and an undergraduate degree in engineering from Duke University, where he currently sits on the Board of Trustees. Rhodes replaces Jeffrey J. Brown, who stepped down at the end of January 2024 after nearly nine years as CEO. Doug Timmerman, Ally's President of Dealer Financial Services, has been serving as interim CEO since Brown's departure.