Discover CEO Michael Rhodes Resigns to Become Ally’s Head (1)

Discover Financial Services Chief Executive Officer Michael Rhodes is leaving the credit-card company to become CEO of auto lender Ally Financial Inc.

Rhodes will stay at Discover until April 1, when he will be replaced by board member J. Michael Shepherd as interim CEO, the Riverwoods, Illinois-based company said in a regulatory filing Wednesday. Ally has been without a permanent CEO since Jeffrey Brown stepped down earlier this year, and Doug Timmerman has been serving in the role on an interim basis.

Michael Rhodes

Source: Ally Financial

“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive ...