Brown Named CEO of Ally Financial

Jeffrey Brown has been appointed CEO of Detroit-based Ally Financial Inc., the former financial arm of pre-bankruptcy General Motors Co.

Brown, 41, most recently was president and CEO of Ally's dealer finance unit. He succeeds Michael Carpenter, who shepherded Ally through restructuring that included a $17.2 billion bailout by the U.S. Dept. of the Treasury in 2008. The government, which once owned 74% of the automotive lender, sold the last of its stake in December.

Ally went public in 2014. But its share price has dropped more than 25% since then.