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Ally Financial Inc. (NYSE: ALLY) announced that CEO Jeffrey J. Brown will be stepping down early next year.

Brown, who will also be leaving the Charlotte-based lender’s board of directors, has been chief executive since 2015. He will remain at Ally until Jan. 31, 2024, to ensure a smooth transition period.

Following his departure, Brown will become President of Hendrick Automotive Group, a retail organization with 131 franchises in 13 states.

“After 14 years at Ally, including nearly 9 years as CEO, I am so proud of how we transformed the company from the days of GMAC to who we are today, a more strategically, operationally and financially sound organization,” said Brown. “I sincerely appreciate the fierce commitment of my more than 11,000 Ally teammates and the culture we have been building together. The guidance of our board of directors and the deep dedication of our management team have been essential to me at every step.”