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Ally Financial in Detroit has promoted David Shevsky to chief risk officer, after its previous executive in that role left for Santander Bank's holding company.
December 16 -
The Senate is the next battleground for legislation requiring the Consumer Financial Protection Bureau to rescind 2013 guidance on indirect auto lending, but the bill may do nothing to slow enforcement efforts.
November 25 -
Ally Financial in Detroit plans to redeem about $1.3 billion of preferred stock, opening the door to a possible stock buyback next year.
November 13
Ally Financial in Detroit has received a demand from an activist investor to explore strategic alternatives, including a possible sale of the company. The activist is also seeking two board seats.
The $156 billion-asset company said it received a letter on Dec. 23 from Lion Point Capital that urged Ally's board to create a strategic alternatives committee. Ally's board met shortly afterward to discuss the demands, and it later told Lion Point that it would not form such a committee.
On Monday Lion Point sent a notice to Ally that it intends to nominate two directors for Ally's board. The election is scheduled for May 3, during Ally's annual meeting.
"Our fundamental disagreement is with Lion Point's clear agenda to force a sale of Ally," Franklin Hobbs, the chairman of Ally, said in a news release. "Such a course of action would be contrary to the best interests of stockholders, and our obligations to all stockholders do not permit us to adopt such a course to avoid a proxy contest."
Lion Point owns less than 1% of Ally's common stock, according to the release.
Lion Point, of New York, could not immediately be reached for comment.
Ally had a rocky 2015 and the performance of its stock, which closed Tuesday at $18.62, or nearly 22% off its 52-week peak, reflected it. The company announced nearly a year ago that it
The company is expected to