Ally Financial Inc., the auto lender bailed out by the U.S. government, announced Monday that it has appointed Charlotte-based Jeffrey Brown as chief executive officer, succeeding Michael Carpenter, who’s also leaving the board of directors.
It marks the second time the Detroit-based lender will have a CEO based in Charlotte. Al de Molina, a former chief financial officer for Bank of America, became Ally’s first Charlotte-based CEO.
Brown, 41, will join the board and work closely with Chairman Franklin “Fritz” Hobbs “on all areas of the business,” the company said in a statement.
Carpenter, 67, refocused the firm on auto lending and reducing expenses after it took a $17.2 billion rescue from the U.S. Treasury Department, which had owned as much as 74 percent of the company. In December, the government sold the last of its stake. Ally sold international assets and put the bank’s subprime mortgage arm through bankruptcy before going public last year.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
The announcement that Carpenter is stepping down comes after he reacted angrily on a conference call last Thursday with analysts to Ally’s loss of an exclusive lease agreement with General Motors Co. In an email, Ally spokeswoman Gina Proia said Monday that Carpenter’s departure was voluntary.
“This was a natural time for him to retire and pass the baton,” Proia wrote.
Brown most recently served as president and CEO of Ally’s Dealer Financial Services business, overseeing automotive- finance, servicing and insurance operations, according to the statement. He previously was senior executive vice president of finance and corporate planning, since June 2011, according to the statement.
“I am honored to be Ally’s new CEO,” he said in the statement. “We have the focus, resources and capability to take advantage of opportunities.”
Before joining Ally, Brown was corporate treasurer for Charlotte-based Bank of America, where his duties included managing interest-rate risks. He received a bachelor’s degree in economics from Clemson University and a master’s in business from Queens University in Charlotte.
Ally is formerly the financing arm of General Motors.
Ally employs roughly 800 people in the Charlotte area, where it has had a presence since 2009.
Staff writer Deon Roberts contributed.