ALLY 8-K
Ally Financial Inc. (ALLY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
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January 18, 2024 (
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| Securities | registered pursuant to Section 12(b) of the Act: |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 11, 2024, the Ally Financial Inc. Board of Directors appointed Douglas R. Timmerman as Interim Chief Executive Officer (CEO) effective as of February 1, 2024. Mr. Timmerman will also serve as the Interim CEO of Ally Bank.
Biographical information about Mr. Timmerman is set forth in Ally’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on February 24, 2023, which is incorporated here by reference.
| Item 7.01 | Regulation FD Disclosure. |
On January 12, 2024, Ally issued a press release with the announcement described in Item 5.02. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference. The information in this Item 7.01 and Exhibit 99.1 is being furnished and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. |
Description of Exhibits | |
| 99.1 | Press Release, dated January 12, 2024 | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Ally Financial Inc. (Registrant) | ||||||
| Date: January 18, 2024 | By: | /s/ Jeffrey A. Belisle | ||||
| Name: | Jeffrey A. Belisle | |||||
| Title: | Corporate Secretary | |||||
Exhibit 99.1
Doug Timmerman appointed interim CEO of Ally Financial
Timmerman brings 30-plus years of Ally experience to the role
CHARLOTTE, N.C., Jan. 12, 2024 /PRNewswire/ — Ally Financial Inc. (NYSE: ALLY) announced today that Douglas Timmerman, president of dealer financial services, will become the company’s interim CEO on Feb. 1, 2024, following the departure of current CEO Jeffrey J. Brown on January 31, 2024.
During Timmerman’s 30-plus years at Ally, he has held a wide variety of leadership positions across the company’s auto finance and insurance business, most recently serving as president of dealer financial services where he is responsible for deepening relationships with 22,000 dealer customers. Under his leadership, Ally has cemented its position as the leading prime auto lender, optimizing the business significantly and increasing and diversifying the dealer customer base.
“Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally. I know he will ensure a seamless transition as the Board continues working with a leading search firm to identify the next permanent CEO,” said Franklin W. Hobbs, Ally’s Chairman of the Board.
Brown announced in October 2023 plans to step down as CEO of Ally Financial in early 2024.
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About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation’s largest all-digital bank and an industry-leading auto financing business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The company serves more than 11 million customers through a full range of online banking services (including deposits, mortgage, point-of-sale personal lending, and credit card products) and securities brokerage and investment advisory services. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies, as well as auto financing and insurance offerings. For more information, please visit www.ally.com and follow @allyfinancial.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
For further images and news on Ally, please visit http://media.ally.com.
Contacts:
Sean Leary
Ally Investor Relations
704-444-4830
Peter Gilchrist
Ally Communications (Media)
704-644-6299