The Treasury Department announced Monday it had appointed a new director to Ally Financial Inc.'s board of directors.
Noting that Ally, formerly GMAC Inc., received funds through the Troubled Asset Relief Program, the Treasury appointed John Durrett to the board.
"This appointment is part of the administration's ongoing commitment to prudent stewardship of Tarp investments," said Tim Massad, Treasury acting assistant secretary for financial stability. "We believe that John Durrett will represent shareholders' interests effectively."
Durrett is a strategic advisor to Serent Capital. He previously was a managing director of West Coast U.S. offices and chairman of the Finance Committee of the Board of Directors at McKinsey & Company. The Treasury used the executive search firm Spencer Stuart to assist in finding a director.
