By Lisa Beilfuss
Ally Financial Inc. said Barbara Yastine, the head of its
banking unit, will step down, a move that comes less than two
months after the auto lender's new CEO outlined plans to build up
the retail-banking business.
Ms. Yastine, who served as chief executive, chairman and
president of the banking unit, will remain with the company until
June to assist with the transition. She became CEO of Ally Bank in
May 2012 and had joined the company two years earlier as chief
administrative officer. Ally said a successor would be named in the
near term.
The Detroit-based company, which was formerly known as GMAC,
named Jeffrey Brown to succeed Michael Carpenter as CEO in early
February after the board took issue with Mr. Carpenter's comments
about former parent General Motors Co.'s decision to shut the
company out of a lucrative leasing business.
In the wake of his appointment, Mr. Brown outlined a plan to
build up Ally's retail-banking businesses and push further into
other areas of auto financing, including subprime loans. He also
said he reached out to officials at GM.
Ally went public last April, in what many investors deemed a
disappointing debut, after it repaid the $17 billion in bailout
funds it had received from the government during the financial
crisis. Shares have since fallen about 15%. The Treasury fully
exited its stake in the company in December.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Access Investor Kit for Ally Financial, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US02005N1000
Access Investor Kit for General Motors Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US37045V1008
Subscribe to WSJ: http://online.wsj.com?mod=djnwires