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WASHINGTON - The U.S. Department of the Treasury today exercised its right to appoint the first of two directors to the Ally Financial Inc. (Ally) board of directors, naming Marjorie Magner. Formerly GMAC Financial Services Inc., Ally is a recipient of the Obama Administration's Automotive Industry Financing Program. As a result of investments made in December 2009, Treasury's equity ownership in Ally increased from 35 percent to 56.3 percent, through which Treasury acquired the right to appoint two additional directors to the Ally Board of Directors. The second appointment is expected soon.
This appointment is part of the Administration's ongoing commitment to prudent stewardship of TARP investments, said Assistant Secretary for Financial Stability Herbert Allison. We're confident that Ms. Magner will represent the taxpayers' interests effectively.
As the current director of Accenture Ltd and Gannett Company, Inc, Ms. Magner has over 30 years of operating and deal experience in the consumer financial services sector. She is a founding member and Partner of Brysam Global Partners and previously served as Chairman and Chief Executive Officer of the Global Consumer Group at Citigroup. Ms. Magner serves on the board of directors of the Brooklyn College Foundation and Millennium Promise and is a member of the Dean's Advisory Council for the Krannert School of Management at Purdue University. Ms. Magner holds a B.S. degree in psychology from Brooklyn College and an MSIA degree from the Krannert School of Management, Purdue University.
Treasury retained executive search firm KornFerry to assist it in identifying potential directors.
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