Ally Bank Chief Barbara Yastine Resigns
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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 Michael Carpenter stepped down as CEO of Ally Financial and was replaced by Jeffrey Brown. Brown was CEO of the company's dealer financial services business.
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 "Top 25 Most Powerful Women in Banking" list in 2013 and 2014.
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."