Oct 11 (Reuters) - Ally Financial said on Wednesday Jeffrey Brown would be stepping down as chief executive officer early next year, sending the financial services firm's shares down more than 3%.
The board has started the search for a successor, the Detroit-based company said, adding that Brown would remain with Ally until Jan. 31, 2024, or an earlier date decided by the chair of the board.
Brown, who joined Ally in 2009, has been at the helm of the firm for nearly nine years.
Following his departure, Brown would become president of Hendrick Automotive Group, a longtime customer of Ally, the statement said.
Spooked by turbulent economic conditions, Ally laid off nearly 5% of its staff earlier this month.
The company offers various financial products and is best known for its auto-loan business.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)