Ally Financial has named an interim CEO three months after current CEO Jeffrey Brown made public his plans to step down at the end of January 2024.
On Friday, the Detroit-based bank announced that Douglas Timmerman, the president of dealer financial services, would take over for Brown on Feb. 1. Ally had previously said that Brown would stay with the company until Jan. 31 or an earlier date determined "to help ensure a smooth leadership transition."
Brown
Goldman Sachs executive Russell Hutchinson
Timmerman has spent more than 30 years at Ally, with leadership roles in the auto finance and insurance business.
"Doug's long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally," said Franklin W. Hobbs, Ally's chairman of the board, in a press release. "I know he will ensure a seamless transition as the Board continues working with a leading search firm to identify the next permanent CEO."
Brown was named