Ally Financial 8-K Filing Reveals Chief Risk Officer Transition and Compensation Details

Ally Financial Inc. (NYSE: ALLY) made a significant announcement in its recent Form 8-K filing to the Securities and Exchange Commission. The document, dated November 20, 2024, detailed the departure of Jason E. Schugel from his role as Chief Risk Officer, effective the same day. In his place, Stephanie N. Richard was appointed as the new Chief Risk Officer.

As part of the transition, Mr. Schugel and Ally Financial entered into a Transition Services and Release Agreement dated November 25, 2024. The agreement outlines several key provisions, including the continuation of Mr. Schugel’s current base salary and benefits until his departure from the company on or before March 31, 2025. Additionally, he will be eligible for 2024 cash and equity-based incentive-compensation awards and will receive various other financial benefits and reimbursements outlined in the agreement.

The Transition Services and Release Agreement also includes terms related to Mr. Schugel’s continued provision of services to Ally until his departure, confidentiality obligations, and release of claims, among other customary provisions. A copy of the agreement is attached to the filing as Exhibit 10.1 and is deemed incorporated by reference.

Ally Financial, a Delaware corporation with an IRS Employer Identification Number of 38-0572512, has its principal executive offices located at Ally Detroit Center, 500 Woodward Avenue, Floor 10, Detroit, Michigan 48226. The company can be contacted at (866) 710-4623.

Ally Financial’s common stock, traded on the NYSE under the symbol ALLY, is registered with the Securities and Exchange Commission pursuant to Section 12(b) of the Act.

This filing also indicates that the company is not considered an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

In a separate section of the filing, Ally Financial detailed the financial statements and exhibits attached. Exhibit 10.1 includes the Transition Services and Release Agreement between the company and Jason E. Schugel, while Exhibit 104 features the cover page from the current 8-K filing formatted in Inline XBRL.

Overall, Ally Financial’s recent 8-K filing provides insight into key leadership changes within the organization and sheds light on the compensation arrangements for the departing Chief Risk Officer.

The 8-K filing from Ally Financial is available for public viewing on the SEC’s EDGAR database under the company’s filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ally Financial’s 8K filing here.

About Ally Financial

Ally Financial Inc, a digital financial-services company, provides various digital financial products and services in the United States, Canada, and Bermuda. The company operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments.