DETROIT, June 28, 2016 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) today announced that former General Electric (GE) executive William (Bill) H. Cary has been appointed to its board of directors. The company also announced that Cerberus Capital Management's Stephen A. Feinberg has stepped down from the board, effective June 22, 2016.
Ally Chairman Franklin (Fritz) Hobbs commented, "Bill is a seasoned financial services veteran with over 30 years of management and operating experience across many disciplines, including consumer and wholesale finance. His expertise and leadership will be a valued complement to the Ally Board and management team."
Cary served at GE for 29 years and has held several leadership positions in consumer and wholesale finance, as well as in the areas of finance, risk and capital markets. Prior to his retirement in 2015, Cary served as president and chief operating officer at GE Capital. Before this role, he was president and chief executive officer of GE Money in London. He currently serves on the public company boards of BRP, Inc. and Rush Enterprises, Inc.
Hobbs continued, "I want to thank Steve for his dedicated and passionate service on the Ally Board. Steve has understood the vision and potential for Ally for many years and has offered invaluable leadership throughout the company's transformation. Today, Ally is in a position of strength with a clear plan to create value for shareholders."
"It has been a privilege to be part of Ally's unique journey, and I continue to believe in the company," said Feinberg. "After seven years of board service and many transformational efforts, this was a natural time to step down and let this highly talented board and capable management team lead the next chapter."
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading U.S. financial services company. Ally's automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Corporate Finance unit provides financing to middle-market companies across a broad range of industries. Ally recently acquired online brokerage and digital wealth management company TradeKing Group, Inc.
With approximately $156.5 billion in assets as of March 31, 2016, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.
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SOURCE Ally Financial