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 andrew.r.johnson@dowjones.com
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