false 0000040729 0000040729 2024-01-11 2024-01-11

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

January 18, 2024 (January 11, 2024)

(Date of report; date of earliest event reported)

Commission file number: 1-3754

 

 

Ally Financial Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   38-0572512

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

Ally Detroit Center

500 Woodward Avenue, Floor 10

Detroit, Michigan 48226

(Address of principal executive offices) (Zip Code)

(866) 710-4623

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities

registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
symbols

  

Name of each exchange
on which registered

Common Stock, par value $0.01 per share   ALLY   NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 11, 2024, the Ally Financial Inc. Board of Directors appointed Douglas R. Timmerman as Interim Chief Executive Officer (CEO) effective as of February 1, 2024. Mr. Timmerman will also serve as the Interim CEO of Ally Bank.

Biographical information about Mr. Timmerman is set forth in Ally’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on February 24, 2023, which is incorporated here by reference.

 

Item 7.01

Regulation FD Disclosure.

On January 12, 2024, Ally issued a press release with the announcement described in Item 5.02. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference. The information in this Item 7.01 and Exhibit 99.1 is being furnished and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

 

Item 9.01

Financial Statements and Exhibits.

 

Exhibit

No.

    Description of Exhibits
99.1    Press Release, dated January 12, 2024
104    The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Ally Financial Inc.

        (Registrant)

Date: January 18, 2024   By:  

/s/ Jeffrey A. Belisle

  Name:  

Jeffrey A. Belisle

  Title:  

Corporate Secretary

Exhibit 99.1

 

LOGO

Doug Timmerman appointed interim CEO of Ally Financial

Timmerman brings 30-plus years of Ally experience to the role

CHARLOTTE, N.C., Jan. 12, 2024 /PRNewswire/ — Ally Financial Inc. (NYSE: ALLY) announced today that Douglas Timmerman, president of dealer financial services, will become the company’s interim CEO on Feb. 1, 2024, following the departure of current CEO Jeffrey J. Brown on January 31, 2024.

During Timmerman’s 30-plus years at Ally, he has held a wide variety of leadership positions across the company’s auto finance and insurance business, most recently serving as president of dealer financial services where he is responsible for deepening relationships with 22,000 dealer customers. Under his leadership, Ally has cemented its position as the leading prime auto lender, optimizing the business significantly and increasing and diversifying the dealer customer base.

“Doug’s long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally. I know he will ensure a seamless transition as the Board continues working with a leading search firm to identify the next permanent CEO,” said Franklin W. Hobbs, Ally’s Chairman of the Board.

Brown announced in October 2023 plans to step down as CEO of Ally Financial in early 2024.

###

About Ally Financial

Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation’s largest all-digital bank and an industry-leading auto financing business, driven by a mission to “Do It Right” and be a relentless ally for customers and communities. The company serves more than 11 million customers through a full range of online banking services (including deposits, mortgage, point-of-sale personal lending, and credit card products) and securities brokerage and investment advisory services. The company also includes a robust corporate finance business that offers capital for equity sponsors and middle-market companies, as well as auto financing and insurance offerings. For more information, please visit www.ally.com and follow @allyfinancial.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For further images and news on Ally, please visit http://media.ally.com.

Contacts:

Sean Leary

Ally Investor Relations

704-444-4830

sean.leary@ally.com

Peter Gilchrist

Ally Communications (Media)

704-644-6299

peter.gilchrist@ally.com

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Document and Entity Information
Jan. 11, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 11, 2024
Entity File Number 1-3754
Entity Registrant Name Ally Financial Inc.
Entity Incorporation State Country Code DE
Entity Tax Identification Number 38-0572512
Entity Address Address Line 1 500 Woodward Avenue
Entity Address Address Line 2 Floor 10
Entity Address City Or Town Detroit
Entity Address Address Description Ally Detroit Center
Entity Address State Or Province MI
Entity Address Postal Zip Code 48226
City Area Code 866
Local Phone Number 710-4623
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Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol ALLY
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000040729
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