Dive Brief:

• Ally Financial has hired Goldman Sachs veteran Russell Hutchinson to serve as its next CFO, effective July 3, the Detroit-based bank said Friday.

• Hutchinson, a 22-year veteran of Goldman Sachs, serves as that bank’s chief operating officer for global mergers and acquisitions.

• Bradley Brown, who has served as Ally’s interim CFO since October, will return to his full-time role as corporate treasurer when Hutchinson arrives, the bank said.

Dive Insight:

Hutchinson is expected to start off with an annual base salary of $750,000, Ally said in a Securities and Exchange Commission filing.

"Russ is well-known for being a collaborative partner who gets results, and his long-standing appreciation and respect for our culture at Ally — as well as existing relationships with our key stakeholders and our board of directors — make me confident he will be an outstanding addition to our company and our leadership team," Ally CEO Jeffrey Brown said in Friday’s release.

Hutchinson will be based in Charlotte, North Carolina, and report to Jeffrey Brown.

Prior to his current role at Goldman, Hutchinson served as a chief strategy officer from 2020 to 2022, according to his LinkedIn profile. 

He joined Goldman as a summer associate in 2000 and rejoined as an associate in 2001. He was named managing director in 2008 and partner in 2016, according to the SEC filing.

In Ally’s release, Jeffrey Brown praised his interim CFO.

"I want to thank Brad, who went above and beyond to support our company and finance team during the past several months, while continuing to deliver for our shareholders," Jeffrey Brown said. "We have a deep bench of seasoned, talented leaders in our CFO group, and I know together with Russ, they will continue to build on our company's momentum and live up to our Ally promise."