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Michael G. Rhodes

Chief Executive Officer at Ally Financial
Since April 29, 2024
Age
59 years
Education
Holds a Master of Business Administration from the Wharton School of Business at the University of Pennsylvania and a Bachelor of Science in Engineering from Duke University.
Tenure
Joined ALLY as Chief Executive Officer on April 29, 2024, assuming leadership following a period of interim management and a notable predecessor transition.

Also at Ally Financial

About

Michael G. Rhodes is the Chief Executive Officer of ALLY, bringing over 25 years of experience in the financial services industry with a strong background in digital transformation and technology-driven banking solutions.

Before his appointment at ALLY, he held senior roles at Discover Financial Services, including serving as CEO and President, and managed key strategic initiatives at TD Bank Group and Bank of America.

At ALLY, he joined on 04-29-2024 as CEO, succeeding interim leadership following the retirement of his predecessor. His appointment signals a commitment to innovation, operational excellence, and a reinforced focus on digital banking and automotive finance, emphasizing a culture of doing it right for employees, customers, and communities.

$ALLY Performance Under Michael G. Rhodes

Past Roles

OrganizationRoleDate RangeDetails
TD Bank Group Canadian Personal Banking2022-2023 Led the Canadian Personal Banking business
TD Bank Group Group Head, Innovation, Technology, and Shared Services2017-2021 Oversaw innovation, technology, and shared services
TD Bank Group North American Credit Card and Merchant Services2011-2022 Joined to lead the North American Credit Card and Merchant Services business
Discover Financial Services Chief Executive Officer and PresidentN/A Also served as a Board Member
Discover Bank PresidentN/A Also served as a Board Member
Bank of America Senior Leadership RolesN/A N/A
MBNA America Bank Senior Leadership RolesN/A N/A

Fixed Compensation

Data from  FY 2024
Component NameAmountPayment ScheduleAdditional Details
Annual Base Salary$1,000,000 Annual (pro-rated for partial year due to start date on April 29, 2024)Fixed annual base salary.
One-Time Cash Award$900,000 One-time paymentTo compensate for forfeited compensation from prior employer; must be repaid if terminated for cause or if voluntarily resigned within 12 months (except due to death or permanent disability).

Performance Compensation

Data from  FY 2024

Target Annual Incentive Award Opportunity

ComponentAmountPerformance MetricsVesting ScheduleAdditional Details
Cash Portion$3.15 million Not applicable (cash award)Payable upon evaluation of performanceRepresents 30% of the total $10.5 million target incentive.
Equity-Based Awards$7.35 million Based on Core ROTCE (excluding OCI) and a Relative TSR modifier; payout range 0%-150% PSUs: Vest on the third anniversary; RSUs: Vest in three equal annual installmentsEquity award split: 60% Performance-Based RSUs (PSUs) and 40% Time-Based RSUs.

Make-Whole Equity Grants

ComponentTarget ValueVesting ScheduleConditions/Performance MetricsAdditional Details
Performance-Based Stock Units (PSUs)$4.2 million Vest on the third anniversaryPayout range 0%-150% based on Core ROTCE (excluding OCI) and TSR modifier Part of the make-whole equity; contingent upon continued employment.
Time-Based Restricted Stock Units (RSUs)$12 million Vest in three equal installments on December 11, 2024, 2025, and 2026Vesting conditioned solely on continued employmentTotal grant date value for make-whole awards is $16.2 million.

Note: Specific thresholds, target values, and evaluation period details for the performance metrics are not disclosed in the documents.