Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March 24, 2023, Ally Financial Inc. (Ally) announced the appointment of
Russell E. Hutchinson as Chief Financial Officer of Ally, with an effective date
of July 3, 2023 (Effective Date).
Mr. Hutchinson currently serves as the Chief Operating Officer of the mergers
and acquisition (M&A) franchise and a senior M&A banker in Global Banking and
Markets at The Goldman Sachs Group, Inc. (Goldman Sachs) and is a member of its
Investment Banking Executive Committee. Prior to assuming his current role,
Mr. Hutchinson was Goldman Sachs' Chief Strategy Officer and served as an ex
officio member of the Management Committee from 2020 to 2022. Mr. Hutchinson
helped drive Goldman Sachs' strategy, significant acquisitions, and strategic
investing in addition to leading GS Accelerate, the firm's internal innovation
engine. Mr. Hutchinson spent two decades working in the Investment Banking
Division. From 2016 to 2020, he served as head of Financial Institutions M&A in
the Americas and a senior coverage officer focused on clients in the specialty
finance sector. Prior to that, he was co-head of the specialty finance team
within the Financial Institutions Group from 2013 to 2015. Mr. Hutchinson
initially joined Goldman Sachs as a summer associate in 2000 and rejoined as an
associate in 2001. He was named managing director in 2008 and partner in 2016.
Mr. Hutchinson began his career as an associate consultant at the Boston
Consulting Group in its Toronto office from 1997 to 1999. He is a member of the
Boards of Trustees of The Studio Museum in Harlem and Hospital for Special
Surgery and is also a member of the Council on Chicago Booth, which advises
leadership at the University of Chicago Booth School of Business. Mr. Hutchinson
was a Canada Scholar, earned a bachelor's degree in engineering physics from
Queen's University in Canada in 1997, and earned a master's degree, with high
honors, from the University of Chicago Booth School of Business in 2001.
Mr. Hutchinson is scheduled to receive, during 2023, an annual base salary of
$750,000 as well as benefits and perquisites generally available to named
executive officers other than Ally's Chief Executive Officer. Mr. Hutchinson's
target incentive compensation for performance in 2023 is $1,800,000 in cash,
$1,350,000 in restricted stock units (RSUs), and $1,350,000 in performance-based
restricted stock units under the Ally Annual Incentive Plan, amended and
restated effective as of January 1, 2022, and the Ally Incentive Compensation
Plan, amended and restated effective as of May 4, 2021, in each case, if and as
applicable at the time. In addition, on or as soon as practicable after the
Effective Date, Mr. Hutchinson will receive a one-time cash award of $1,000,000
and a one-time equity grant in the form of RSUs with a fair market value at the
time of grant equal to $2,500,000 that will vest one-third on the first
anniversary of the grant date, one-third on the second anniversary of the grant
date, and one-third on the third anniversary of the grant date, in each case,
subject to his continued employment through that time. Mr. Hutchinson is also
eligible for relocation assistance.
Bradley J. Brown, Ally's current Corporate Treasurer and Interim Chief Financial
Officer, will receive an increase in base salary from $550,000 to $600,000. In
addition, Mr. Brown will receive a one-time equity grant in the form of RSUs
with a fair market value at the time of grant equal to $750,000 that will vest
one-half on the second anniversary of the grant date and one-half on the third
anniversary of the grant date, in each case, subject to his continued employment
through that time. Additional details relating to Mr. Brown's compensation can
be found in Ally's most recent proxy statement.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
104 The cover page from this Current Report on Form 8-K, formatted in
Inline XBRL
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