Tim Russi, president of Auto Finance at Ally Financial Inc., will leave the company October 1 and until then serve as vice chairman of auto finance advising his successor through the transition, the lender announced today.
Russi will be replaced by Doug Timmerman who has been president of Ally’s insurance business since 2014, and prior to that was vice president of auto finance. Russi joined Ally in 2008 and has been president since 2012; under his tenure, the auto finance business had $328 billion in originations and added 8,000 dealer relationships, according to a press release.
Ally auto finance brought in net loan and lease revenue of $1.3 billion in 4Q17 compared with $834 million during the same period in 2012 when Russi first took the reins at the company, according to company earnings reports. Additionally, Ally originated $9.1 billion in the fourth quarter 2017 up from $8.9 billion from the comparable period in 2012.
Mark Manzo will succeed Timmerman as president of Ally’s insurance business. Manzo will lead key business development and diversification initiatives for Ally’s insurance business, with a focus on creating new relationships with dealers and digital marketplaces, per the release.
Ally Financial announced several leadership changes to its automotive, insurance, and risk management units including the creation of a chief operations officer position. David Shevsky has been named chief operating officer of auto finance at Ally. Shevsky will oversee consumer risk and operations, commercial risk and credit administration, collections and loss mitigation activities, and business systems. Shevsky joined Ally in 1986 and has been chief risk officer for Ally since 2015. Succeeding Shevsky, Jason Schugel has been named chief risk officer of Ally. Schugel was previously deputy chief risk officer for the company since 2017.
Ally declined to provide additional comment.
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