# Michael Rhodes

> Michael G. Rhodes is the Charlotte-based CEO and a director of Ally Financial, which he joined on April 29, 2024. An engineering graduate of Duke with a Wharton MBA, he previously led businesses at TD Bank Group, Discover, Bank of America and MBNA. At Ally, his strategy concentrates on dealer financial services, consumer banking and corporate finance, including selling the credit card business and ceasing mortgage originations in 2025.

- **Role:** Chief Executive Officer at Ally Financial
- **Organizations:** Ally Financial, Discover Financial Services, TD Bank Group, Bank of America, MBNA America Bank, Failure Analysis Associates, Duke University Board of Trustees, Business Roundtable, Charlotte Executive Leadership Council
- **Education:** Bachelor of Science in engineering, Duke University, Master of Business Administration, The Wharton School, University of Pennsylvania
- **Known for:** Appointed CEO and director of Ally Financial in April 2024., Led TD businesses spanning cards, consumer banking and technology over a tenure of more than 12 years., Elected a Duke trustee in 2019.

## Career timeline

- **1987** — Graduated from Duke University with an engineering degree.
- **Early career** — Worked as an engineer at Failure Analysis Associates; subsequently held leadership roles at MBNA and Bank of America.
- **2011** — Joined TD to lead North American Credit Card and Merchant Services.
- **2015-2017** — Head of TD Consumer Bank and Wealth Management.
- **2017-2021** — Group Head, Innovation, Technology and Shared Services at TD.
- **2019** — Elected to the Duke University Board of Trustees.
- **2022** — Became Group Head, Canadian Personal Banking at TD.
- **2024-02-01** — Began as CEO and president of Discover Financial Services.
- **2024-04-01** — Ceased serving as Discover CEO and president; remained briefly as adviser.
- **2024-04-29** — Became Ally Financial CEO and a director.
- **2025** — Led a focus strategy that included the credit card divestiture and cessation of mortgage originations.

## Achievements

- Appointed CEO and director of Ally Financial in April 2024.
- Led TD businesses spanning cards, consumer banking and technology over a tenure of more than 12 years.
- Elected a Duke trustee in 2019.
- At Ally, implemented a strategy concentrating on dealer financial services, consumer banking and corporate finance.

## Latest updates

- **2026-10** — Ally reported third-quarter results on October 20: GAAP EPS of $1.30, adjusted EPS of $1.34, return on common equity of 12.1%, and core ROTCE of 13.1% (adjusted EPS and core ROTCE are non-GAAP measures).
- **2026-10** — In an October 7 interview, Rhodes reiterated a focus on consumer banking, corporate finance and auto dealer financial services.
- **2026-07** — Duke’s trustee biography lists him as chair of its Graduate and Professional Education and Research Committee.
- **2026-03** — Shared his annual shareholder letter, describing Ally’s Focused. Forward. strategy.

## Links

- Website: https://media.ally.com/leadership-rhodes
- LinkedIn: https://www.linkedin.com/in/michael-g-rhodes/

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Profile page: https://yespress.io/michael-rhodes
Published by YesPress — https://yespress.io
Last updated: 2026-10-21