Ally Announces Sweeping Leadership Changes
April 19, 2018
Ally Financial announced promotions for four executives and the October departure of former auto finance chief Tim Russi. Photo by Al R via Flickr
DETROIT — Ally Financial Inc. announced key leadership changes to its auto finance, insurance, and risk management organizations.
Doug Timmerman has been named president of auto finance and will assume responsibility for driving the strategy and performance of the business going forward. Timmerman brings more than 30 years of auto finance and insurance experience to the role. He was previously president of Ally’s insurance business since 2014, and prior to that was vice president of auto finance, responsible for sales, risk management, and portfolio management for the southeast region. He first joined Ally in 1986.
Tim Russi, previously president of auto finance at Ally, will remain with the company as vice chairman of auto finance until October 1, to help ensure a seamless transition before leaving to pursue other opportunities. During his 10 years at Ally, Russi led Ally’s auto finance business through its transformation away from a captive finance provider. Under his leadership, Ally’s auto finance business achieved $328 billion in originations, added 8,000 dealer relationships, and pioneered an innovative customer loyalty program.
“I am extremely thankful to Tim for his dedication, and for the many successes and accomplishments he achieved over the years,” said Ally CEO Jeffrey Brown. “It’s due in part to his hard work and leadership that Ally is in the position of strength we hold today, and I am proud that he was able to build a team of smart, dedicated professionals that will continue his track record of success.”
As Timmerman moves to lead the auto finance business, Mark Manzo has been named president of Ally’s insurance business. Manzo was previously senior vice president of the central region and strategic alliances for the auto finance business and is credited with successfully developing relationships with key dealers and digital providers. Manzo will lead key business development and diversification initiatives for Ally’s insurance business, with a focus on creating new relationships with dealers and digital marketplaces.
“I am thrilled for Doug to lead our auto finance business in its next chapter, and am confident that he will continue to grow and evolve the business in new and exciting ways, while adding value for our customers and keeping outstanding service at the forefront of everything we do,” said Brown. “I am similarly pleased to welcome Mark Manzo to the management team. Mark brings a unique skill set to the insurance organization, having established many important alliances for the company, and I look forward to the progress of the insurance business under his leadership.”
David Shevsky has been named COO of auto finance. In this newly created role, Shevsky will oversee consumer risk and operations, commercial risk and credit administration, collections and loss mitigation activities, and business systems. Previously, Shevsky was chief risk officer for Ally since 2015 and oversaw the company’s independent risk management function. He has held a number of positions in auto finance operations since joining Ally in 1986.
Succeeding Shevsky, Jason Schugel has been named chief risk officer. Schugel was previously deputy chief risk officer for the company since 2017, leading various risk-management activities. Prior to that, he served as general auditor for Ally, responsible for the company’s internal audit function, as well as administrative oversight for Ally’s loan review function. Schugel joined Ally in 2009, overseeing the company’s financial planning and analysis team, and also previously served as lead finance executive for Ally’s global functions.