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Jeffrey Brown, suddenly elevated to CEO of Ally Financial, will have to accelerate the auto lender's diversification plan started by his predecessor, Michael Carpenter. Brown will need to explore new sources of originations, funding and investments.
February 3 - WIB PH
Barbara Yastine has helped take Ally Bank from its origins as the troubled GMAC Bank to a rapidly growing and profitable online banking franchise.
September 22 -
The Detroit lender gave a favorable outlook on credit losses despite the fact that it expects a decline in used-car prices.
October 29 -
Ally Financial (GKM) and Ally Bank will pay $98 million in fines and restitution to settle government claims that they discriminated against minorities through their indirect auto lending business.
December 20
Ally Financial in Detroit announced its second big management change in less than two months.
Barbara Yastine, the chair and chief executive of the $104 billion-asset Ally Bank unit, plans to resign this June, the parent company said in a news release Thursday.
In early February
Yastine had run the $151.8 billion-asset bank since May 2012, two years after joining it as chief administrative officer in May 2010. American Banker named her to its annual
No specific reason for Yastine's departure was given, nor was her successor named.
"Barbara has played a number of key roles in restoring the company to financial and strategic health, most notably as CEO and president of Ally Bank," Brown said. "She is a talented leader, and we wish her continued success in her future endeavors."
Ally Financial has undergone some major changes in recent months. The federal government sold the last of its stake in Ally in December, and an important business partner, General Motors, in January announced plans to sever key ties. The company has been under investor pressure to grow; its stock was trading at $21.30 a share Thursday afternoon, below its initial public offering price of $25 nearly a year ago.
"I am very proud of what we have accomplished at Ally and remain very optimistic about the company's future," Yastine said in the release Thursday. "I will greatly miss my colleagues, but as Ally enters a new chapter, it is also a fitting time for me to seek out new challenges."
