Treasury Changes Ally Financial's Board Lineup

   By Andrew R. Johnson 
 

The U.S. Treasury Department is replacing one of its designated appointees on Ally Financial Inc.'s board of directors, the government-owned auto lender said Friday.

Ally said John Durrett submitted his resignation to the company's board on May 27 so that the Treasury could appoint Brian MacDonald to the board. Mr. MacDonald is the president and chief executive of ETP Holdco Corp. and was previously chairman, president and CEO of Sunoco Inc.

The Treasury is allowed to appoint up to six of Ally's 11-member board as part of its $17.2 billion bailout of the lender during the financial crisis.

"Treasury asked Mr. Durrett to resign because it has a limited number of board seats," Ally said in a regulatory filing. Mr. MacDonald is expected to be appointed to the board's audit committee, it said.

Mr. Durrett, a strategic adviser to private-equity firm Serent Capital and a director emeritus of McKinsey & Co. Inc., has served on the board since February 2011 and was a member of the audit and compliance committees.

Last month the Treasury appointed Mathew Pendo, the former chief investment officer for the department's Troubled Asset Relief Program, to the company's board.

Ally, the former in-house financing arm of General Motors Co. (GM), remains 74% owned by the U.S. government as a result of its bailout.

Write to Andrew R. Johnson at [e-mail]

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