Ally Financial on Thursday announced the impending departure of longtime auto finance president Tim Russi.
Russi has spent nearly a decade at Ally, including six years in his current position. He played a key role in the company’s transition away from its once-close relationship on General Motors.
Detroit-based Ally, formerly known as GMAC, was GM’s auto financing division until it was spun off in 2006. Today the firm relies more heavily on relationships with dealerships that sell vehicles from other car manufacturers.
Ally said that Russi is leaving the $167 billion-asset company to pursue other opportunities. He is scheduled to remain at Ally as vice chairman of auto finance until Oct. 1.
“I am extremely thankful to Tim for his dedication, and for the many successes and accomplishments he achieved over the years,” Ally Financial CEO Jeffrey Brown said in a press release. “It’s due in part to his hard work and leadership that Ally is in the position of strength we hold today.”
Russi’s departure triggered a series of internal personnel changes at Ally, which is one of the nation’s largest auto lenders.
Doug Timmerman, a 32-year company veteran who most recently served as president of Ally’s insurance business, will succeed Russi as president of auto finance, the firm said.
Mark Manzo, previously a senior vice president at Ally, will become president of Ally’s insurance business, according to the company.
Ally also said that David Shevsky has been tabbed for the newly created role of chief operating officer of auto finance.
Shevsky previously served as chief risk officer at Ally. He will be succeeded in that position by Jason Schugel, who was previously deputy chief risk officer.