Ally Financial CEO Jeffrey Brown to Step Down Next Year (1)

Ally Financial Inc. Chief Executive Officer Jeffrey Brown plans to step down after 14 years at the auto lender.

Brown, 50, will stay on until the end of January, unless the board decides on an earlier date, to “help ensure a smooth leadership transition,” Ally said in a statement Wednesday. He will become president of Hendrick Automotive Group, a car dealership franchise with 131 locations in 13 states, according to the statement.

Ally has hired an executive search firm to help find a successor. His replacement will mark the second major leadership change at the company in recent months. ...