Ally Financial, the auto lender well known for its post-2008 crisis rescue by the US government bailout program, has moved to continue its management restructuring, with Jeffrey Brown promoting Diane Morais as CEO of the banking unit.
Morais, who had been working for Ally since the dreaded days of 2008, was in charge of directing the bank’s deposits business, according to a statement issued by the Detroit-based company. Barbara Yastine, 55, who held the position until now, previously said on March 19 she was leaving the position she occupied since 2012. Jeffrey Brown, 42, who took over as chief executive officer of Ally this February, is currently reshaping the management across the parent company and its subsidiaries in a bid to lift profitability by expanding the deposit-gathering bank. He also said he would boost the firm’s non-prime auto loans and wants to secure the necessary funds via the bank subsidiary, in a cheaper move that was until December restricted by the government – which still had a stake in the auto lender.
Ally Financial first existed as the financing arm of General Motors, and was rescued by the US Treasury Department in 2008 and 2009 as part of the bailout effort that chose to save the auto industry. “Ally Bank has been a great success story for the company, and Di has been a part of that journey since it began,” commented Brown about the appointment. Recently, the lender has come under pressure exactly from GM, after the largest US automaker announced it would redirect the leases on brands including Buick, Cadillac and GMC towards its current internal lending division.