Ally Financial Inc (ALLY.N) said on Monday that Jeffrey Brown, the company's head of dealer financial services, is succeeding Michael Carpenter as chief executive, effective immediately. After being named Ally's top boss in November 2009, he shepherded the former financing arm of General Motors Co (GM.N) through the aftermath of the financial crisis and turned it from a ward of the U.S. government into a profitable public company. "[I]t is the right time for me to step aside to hand the baton to the next generation of leadership," Carpenter said in a statement, adding that he worked with Ally's board for months on choosing his successor and that he recommended Brown, age 41. When Carpenter stepped into the top role, Ally was groaning under the weight of soured mortgages that its home loan subsidiary, Residential Capital, made during the housing boom.
via Business News http://ift.tt/1x0FRHb
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