Ally Financial CEO to resign. He’s already got a new job lined up in Charlotte.
After over eight years as CEO of Ally Financial, Jeffrey Brown plans to resign to take a job as president of Hendrick Automotive Group in Charlotte, the companies announced Wednesday.
Ally is based in Detroit but has a large employment base in Charlotte, some 2,700 workers out of 11,700 companywide.
Just last week, Ally announced it was laying off about 5% of its employees, citing “a difficult macroenvironment.” Neither Hendrick Automotive nor Ally made mention of the layoffs in their announcements of Brown’s move..
Brown will start his new job Feb. 1 after the leadership transition period at Ally ends. The bank said the search for its next CEO already has begun.
Hendrick Automotive CEO and chairman Rick Hendrick said he has known Brown for years.
“I believe his leadership will put us in a position to grow and be successful for decades to come,” Hendrick said in a statement. “He recognizes the value of serving our communities and fostering a vibrant culture within our organization”
Hendrick Automotive is the largest privately held operator of car dealerships in the country. Brown is replacing Greg Gach as president, who left Hendrick Automotive in June.
For his part, Brown, 50, said in a statement that leading Ally Financial was a great experience, and that “the company is well-positioned to continue to thrive under a new CEO.” Brown also cited his interest in the auto industry and a shared leadership philosophy with Hendrick as reasons he is looking forward to his new role.
Prior to taking over as Ally’s CEO, Brown was president and CEO of Ally’s dealer financial services business that covered auto finance, insurance and auto servicing. He has been with Ally since 2009. Last year, American Banker named Brown its “Banker of the Year.”
About Hendrick Automotive Group
In the Charlotte area, Hendrick Automotive has just over 3,300 employees, according to the company. They are part of a company total of over 10,000 workers in 94 dealerships, 21 collision centers and four accessories distributor installers in 13 states.
Hendrick Automotive had revenue of over $11 billion in 2021, it said on its website.
About Ally Financial
Ally, which provides auto finance, banking, investing and home loan services for over 11 million customers, has been in the Charlotte market since 2009. Its corporate center is at 601 S. Tryon St. inside a 26-story office tower.
Ally reported second quarter net income of $329 million, which was down abut 32% from the same quarter in 2022. It will release its third quarter results next week.
