Michael G. Rhodes
Also at Ally Financial Inc
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
| Organization | Role | Date Range | Details |
|---|---|---|---|
| TD Bank Group | Canadian Personal Banking | 2022-2023 | Led the Canadian Personal Banking business |
| TD Bank Group | Group Head, Innovation, Technology, and Shared Services | 2017-2021 | Oversaw innovation, technology, and shared services |
| TD Bank Group | North American Credit Card and Merchant Services | 2011-2022 | Joined to lead the North American Credit Card and Merchant Services business |
| Discover Financial Services | Chief Executive Officer and President | N/A | Also served as a Board Member |
| Discover Bank | President | N/A | Also served as a Board Member |
| Bank of America | Senior Leadership Roles | N/A | N/A |
| MBNA America Bank | Senior Leadership Roles | N/A | N/A |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional 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 payment | To 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
Target Annual Incentive Award Opportunity
| Component | Amount | Performance Metrics | Vesting Schedule | Additional Details |
|---|---|---|---|---|
| Cash Portion | $3.15 million | Not applicable (cash award) | Payable upon evaluation of performance | Represents 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 installments | Equity award split: 60% Performance-Based RSUs (PSUs) and 40% Time-Based RSUs. |
Make-Whole Equity Grants
| Component | Target Value | Vesting Schedule | Conditions/Performance Metrics | Additional Details |
|---|---|---|---|---|
| Performance-Based Stock Units (PSUs) | $4.2 million | Vest on the third anniversary | Payout 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 2026 | Vesting conditioned solely on continued employment | Total 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.