Ally Financial Inc. announced that Jeffrey J. Brown will be stepping down early next year after serving as Chief Executive Officer. The Board has engaged a leading global executive search firm, and the search for a successor is underway. Brown will remain with Ally until January 31, 2024, or an earlier date determined by the Chair of the Board to help ensure a smooth leadership transition.

Following his departure, Brown will become President of Hendrick Automotive Group, a longtime customer of Ally and the largest privately held automotive retail organization in the United States with nearly 11,000 employees and 131 retail franchises across 13 states. Brown will address his transition during Ally's previously announced release of its third-quarter financial results, which is scheduled for October 18, 2023.