The stock of Ally Financial Inc. ALLY is down 3.7% to $24.99 as of Wednesday afternoon following the resignation of CEO Jeffrey Brown.

After almost 9 years in the position, Brown will retire in early 2024. The business claims to be looking for his replacement right now. To facilitate a smooth transition, Brown will remain with Ally until January 31, 2024, or until such earlier date as the Board Chair may specify.

Brown will succeed him as President of Hendrick automobile Group, one of the biggest privately owned automobile retail companies and a prominent client of Ally.

Brown applauded Ally's development and expressed enthusiasm for the future. Ally's Board Chair Franklin Hobbs praised Brown's leadership and commitment.

On October 18, when Ally releases its financial results for the third quarter, Brown will speak about his transition.

Ally has a 52-week high of $35.78 and a 52-week low of $21.58 according to information from Benzinga Pro.

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