Barbara Yastine will step down as CEO to give way to Jeffry Brown. However, Yastine will stay in the company to help in the transition while Brown looks to improve Ally.
The bank is seeking a successor, and Yastine, 55, will stay on the job until June to assist with the transition, according to a statement Thursday from the Detroit-based company.
Jeffrey Brown is seeking to turn around the parent company, Ally Financial, after taking over as CEO last month. He said Feb. 5 that he wants to increase loans to non-prime auto buyers and fund more of them from the bank subsidiary. Ally Financial had an initial public offering in April, and the government sold the last of its stake in the company in December.
“Barbara has played a number of key roles in restoring the company to financial and strategic health,” Brown said in the statement. “We wish her continued success in her future endeavors.”
Yastine joined Ally Financial as chief administrative officer in 2010, and her duties included being chairman of the bank, according to the statement. She added the CEO role for the unit in 2012.
Ally was unchanged at $21.15 at 1:21 p.m. in New York trading. That compares with the $25 price in the IPO.
