Diane Morais, Ally Financial’s president of consumer and commercial banking, will step down from her role July 1, 2024, as the bank continues its search for a new CEO, the company announced Tuesday.
Morais, who joined Ally in 2008, had been seen as a potential successor to outgoing CEO Jeffrey Brown. Brown is set to leave the bank in January.
Morais was instrumental in creating and launching the Ally brand as it spun off from General Motors Acceptance Corp., the company said. Her leadership led Ally Bank to achieve double-digit percentage-point growth in retail deposits yearly, the bank said. Ally counts more than 2.5 million customers and over $135 billion in retail deposits.
Morais will continue her role as the head of consumer and commercial banking until July 1, according to an agreement. Brown, Ally's CEO since 2015, will remain until Jan. 31. However, he may leave earlier if the chair of the board thinks it necessary for a smoother transition, the bank announced last month. Morais might be appointed as Ally's vice chair if the company board chair reassigns her duties, the agreement indicated.
"From launching the first all-digital bank during the Great Recession — recognizing the world didn't need another bank, it needed a better one — to being the first to eliminate overdraft fees, Di's vision and leadership led the entire industry to a more customer-centric focus on what's right," an Ally spokesperson said in a statement seen by American Banker.
Ally declined to provide any details on the search for the new CEO, saying the lender is looking for the best candidate to lead the company, the publication noted.
Morais started her career at Ally as a deposit executive and became the CEO of Ally’s banking subsidiary in 2015. She rose to president of Ally Financial’s consumer and commercial banking operations in 2017, and oversaw retail banking, online brokerage, wealth management, mortgage, point-of-sale lending, credit cards and corporate finance. She also led Ally's Community Reinvestment Act programs and customer care, according to her LinkedIn profile.
Before joining Ally, Morais held senior roles at Bank of America for 12 years and various roles in Citi’s credit card department for nine years.