Ally Names Dealer Financial Services President Douglas Timmerman as Interim CEO
Ally Financial named its president of dealer financial services, Douglas Timmerman, as its interim CEO.
Timmerman will assume the role Feb. 1, following the departure of current CEO Jeffrey J. Brown Jan. 31, the company said in a Friday (Jan. 12) press release.
Ally Financial announced in October that Brown would step down early in 2024.
As president of dealer financial services, Timmerman is responsible for deepening relationships with Ally’s 22,000 dealer customers, according to the release. Under his leadership, the auto financing business has optimized its operations and increased its dealer customer base.
A 30-plus-year veteran of the company, Timmerman has held a variety of leadership positions across Ally’s auto finance and insurance business, the release said.
“Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally,” Franklin W. Hobbs, chairman of the board of Ally, said in the 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 has served as Ally’s CEO and a member of its board of directors since 2015 and has been with the company for 14 years, the firm said in an Oct. 11 press release announcing his plans to step down.
Following his departure, Brown will become president of Hendrick Automotive Group, an automotive retail organization with 131 retail franchises in 13 states, according to the release. The company is a longtime customer of Ally.
“What began in 2009 as the financial reengineering of a company ultimately became a bank that truly matters in the financial industry, and now is the right time for me to transition,” Brown said in the October release. “Ally is positioned for a bright future thanks to our amazing team and the customers we are proud to support.”
PYMNTS Intelligence profiled Ally and the company’s use of artificial intelligence with its digital-only platform in a Jan. 5 report. Ally’s proprietary AI platform, Ally.ai, merges established AI and emerging generative AI functionalities while emphasizing data security, according to “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service,” a PYMNTS and AI-ID collaboration.
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