Ally Financial appointed Doug Timmerman, the company’s president of dealer financial services, as interim CEO, effective Feb. 1, following the departure of CEO Jeffrey Brown at the end of the month, the firm announced Friday.
Brown announced his plans to step down in October to lead Hendrick Automotive Group, a used car company in Charlotte, North Carolina, but agreed to stay with the company until Jan. 31 to ensure a smooth transition.
“Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally,” Franklin W. Hobbs, chair of Ally’s board, said in a statement. “I know he will ensure a seamless transition as the Board continues working with a leading search firm to identify the next permanent CEO.”
Timmerman brings 38 years of experience at Ally, according to his LinkedIn profile. The company’s press release credits him with leadership roles across Ally’s auto finance and insurance business.
“Under his leadership, Ally has cemented its position as the leading prime auto lender, optimizing the business significantly and increasing and diversifying the dealer customer base,” the company said in a statement.
The move to tap an insider for the interim CEO role comes amid other leadership shifts and job cuts at the company. Ally began cutting its workforce in October to manage staffing expenses, which could reduce the headcount by less than 5%, a spokesperson for the bank told Bloomberg.
Roughly a month after Brown’s announcement — in a surprise move for many and with no successor in line, Diane Morais, Ally’s president of consumer and commercial banking, said she would step down from her role July 1. Morais, who joined Ally in 2008, had been seen as a potential successor to Brown.
Scott Stengel, who had served as general counsel of Ally since 2016, left the company last month to join Truist as its chief legal officer.
Goldman Sachs veteran Russell Hutchinson joined Ally as its CFO in July, following his predecessor’s exit in October 2022.
