Banking

Ally Financial adds another top exec in Charlotte

Detroit-based Ally Financial on Thursday named a new general counsel who will be based in Charlotte, adding to the list of the company’s top executives stationed here.
Detroit-based Ally Financial on Thursday named a new general counsel who will be based in Charlotte, adding to the list of the company’s top executives stationed here. AP

Detroit-based Ally Financial on Thursday named a new general counsel who will be based in Charlotte, adding to the list of the company’s top executives stationed here.

Scott Stengel, 44, is joining Ally at the end of May to replace William Solomon, who is based in Detroit. Solomon, 63, plans to retire at the end of September.

The move positions Charlotte to have seven of Ally’s 16 highest-ranking leaders, a group that includes its CEO, chief financial officer and chief compliance officer. The group also includes Ally’s chief risk officer, who will relocate from Detroit to Charlotte this year.

Ally employs about 800 in Charlotte, one of its corporate centers along with New York. That figure is expected to grow to more than 900 once Ally buys Florida online broker TradeKing Group, a deal expected to close by the third quarter.

Stengel most recently worked for Kansas City, Mo.-based UMB Financial Corp., serving as executive vice president, general counsel and corporate secretary. He will report directly to CEO Jeffrey Brown, who was promoted to his role last year.

Solomon helped guide General Motors Acceptance Corp., the name Ally formerly used, through the financial crisis as GMAC accepted a $17.2 billion bailout from the federal government. GMAC, the financing arm General Motors spun off in 2006, teetered in the crisis as it suffered from major losses on subprime mortgage loans.

In 2010, GMAC became Ally Financial, which went public in 2014. Ally, which remains a large U.S. auto lender, is also the parent company to online-based Ally Bank.

Deon Roberts: 704-358-5248, @DeonERoberts

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