Home >> Market Trends >> Affordability >> Ally Financial to Appoint New Interim CEO
Print This Post Print This Post

Ally Financial to Appoint New Interim CEO

Douglas Timmerman, Interim CEO, Ally Financial

Ally Financial Inc. has named Douglas Timmerman, President of Dealer Financial Services, as the company's soon-to-be interim CEO.

Timmerman was appointed President of Dealer Financial Services in 2021.

Ally announced the appointment will take place on Feb. 1, 2024, following the departure of sitting CEO Jeffrey J. Brown on January 31, 2024.

Timmerman has more than 30-plus years with Ally and 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.

Brown announced in October 2023 that he plans to step down as CEO of Ally Financial in early 2024.

"Doug's long tenure at Ally and expertise in auto finance are 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, Chairman of the Board at Ally.

In 2019, Timmerman was recognized as the first-ever Auto Finance News Auto Executive of the Year. The Nebraska native began his career with Ally shortly after earning his undergraduate and master’s degrees in business administration from the University of Nebraska.

Timmerman supports several organizations and research efforts associated with finding a cure for Type 1 diabetes. He is an active volunteer and supporter of Children’s Hospital of Atlanta and the Juvenile Diabetes Research Foundation.

To read the full release, click here.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport magazines with more than eight years of writing experience. She has served as content coordinator and copy editor for the Los Angeles Daily News and the Orange County Register, in addition to 11 other Southern California publications. A former editor-in-chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington, she has covered events such as the Byron Nelson and Pac-12 Conferences, progressing into her freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, Lester is an avid jazz lover and likes to read. She can be reached at [email protected].

Check Also

Survey: Homeownership Remains Elusive for Baby Boomer Renters

A recent look into housing affordability by NeighborWorks America has found that three in five long-term baby boomer renters feel homeownership remains unattainable.