Ally Financial Inc. today named Jeffrey Brown as its new president and chief executive of the dealer financial services business. Brown will replace Bill Muir, who expects to retire by yearend.
Chris Halmy, Ally’s chief financial officer, will assume Brown’s current financial responsibilities, including all finance, treasury, and capital markets activities.
In his new post reporting to CEO Michael Carpenter, Brown will oversee auto, finance, insurance, and auto servicing operations. A Bank of America veteran, Brown joined Ally in 2009. He was appointed senior executive vice president of finance and corporate planning in June 2011. In a company release, Ally said Brown was instrumental in strengthening the company’s capital and liquidity profile, executing on strategic transformation efforts, and repaying the U.S. taxpayers’ investment.
Tim Russi, president of Ally’s auto finance business, is also a former BofA exec, having served as president of the bank’s Dealer Financial Services unit from 2004 to 2008.