Why Ally Financial Stock Is Falling

Ally Financial Inc ALLY shares are trading lower by 3.7% to $24.99 Wednesday afternoon after CEO Jeffrey Brown announced plans to step down.

Brown will step down in early 2024 after nearly 9 years in the role. The company says it is actively searching for his successor. Brown will continue with Ally until January 31, 2024, or an earlier date set by the Board Chair to ensure a smooth transition.

Following his departure, Brown will become President of Hendrick Automotive Group, a significant customer of Ally and one of the largest privately held automotive retail organizations.

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Brown praised Ally's transformation and expressed his excitement about its future. Franklin Hobbs, the Chair of Ally's Board, commended Brown's leadership and dedication.

Brown will address his transition during Ally's third-quarter financial results release on October 18.

According to data from Benzinga Pro, Ally has a 52-week high of $35.78 and a 52-week low of $21.58.