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Michael Rhodes is the Chief Executive Officer of Ally Financial, the nation’s largest all-digital bank Ally serves over 10 million customers with banking, auto and corporate financing, insurance, investment advisory, and security brokerage services.
Under Michael’s leadership, the company’s ethos is to “Do It Right” for its employees, customers and communities. Together with more than 10,000 teammates, Michael and the Ally team are focused on leading the organization into a new era of digital banking innovation; and, continuing to build on the company’s strong culture.
Prior to joining Ally, Michael served as the CEO and President of Discover Financial Services and President of Discover Bank, as well as a member of the board of directors of both organizations. Michael’s experiences also include senior executive leadership roles at TD Bank Group, Bank of America, and MBNA American Bank. He has worked in North America, the United Kingdom, Spain, and Ireland in a variety of roles within payments and banking, including CEO of a portfolio company backed by the private equity fund, GTCR. Michael began his career as an engineer working for Failure Analysis Associates, a leading engineering and scientific consulting firm.
Michael is a member of the Business Roundtable, and also serves on the Board of Directors of the Bank Policy Institute. Previously, he has served on multiple community boards, including the United Way of Delaware, the Boys and Girls Club of Delaware, the Thurgood Marshall Scholarship Fund, Christiana Care Health Systems, the Delaware Symphony Orchestra and Winterthur Garden Museum and Library.
Michael received his Bachelor of Science in engineering from Duke University in 1987. He went on to earn his Master of Business Administration degree from the Wharton School of Business at the University of Pennsylvania.
Elected to the Duke University Board of Trustees in 2019, Michael serves as the chair of the Governance Committee and vice chair of the Graduate and Professional Education and Research Committee. He is also a member of the Executive Committee
July 2025