Ally Welcomes Hope Mehlman as New Legal Chief Amid Industry Shifts

Updated on: October 9, 2024 2:45 pm GMT

Hope Mehlman to Join Ally as Chief Legal and Corporate Affairs Officer

Ally Financial Inc. (NYSE: ALLY) has announced that Hope Mehlman will be the new chief legal and corporate affairs officer, effective December 2, 2024. In her new role, Mehlman will head the newly established Legal & Corporate Affairs Office at Ally, overseeing all regulatory and legal matters, compliance, government relations, environmental sustainability, and community reinvestment teams.

A Leader with Proven Experience

Bringing over 20 years of leadership experience in retail and commercial banking, Mehlman previously served as Discover’s chief legal officer, general counsel, and corporate secretary. Her extensive background in legal affairs also includes positions at Bank of the West, BNP Paribas USA, and Regions Financial. During her career, she has demonstrated a strong ability to build and evolve legal and compliance teams, aligning them with business performance objectives.

Michael Rhodes, Ally’s chief executive officer, emphasized Mehlman’s impressive track record, stating, “Anticipating changes to regulations and laws through a unified approach will continue to be a critical focus at Ally, and Hope’s exceptional thought leadership and business influence will help us deliver even greater impact in this next chapter.”

Acknowledgments and Achievements

Mehlman’s contributions to the field have not gone unnoticed. In 2024, she was named General Counsel of the Year by Women, Influence and Power in Law. Additionally, she was inducted into the Corporate Governance Hall of Fame in 2023 and received the William H. Avery Award for Equal Access to Justice from the Legal Aid Society in Chicago.

Educational Background

Mehlman holds a Bachelor of Arts from Cornell University, a Juris Doctor from Seton Hall University Law School, and a Master of Laws in Taxation from New York University School of Law. She is also known for her role as a guest lecturer at Stanford and as a contributing author to numerous legal whitepapers.

Transition from Discover to Ally

Mehlman’s departure from Discover comes during a critical period for the company, which is currently navigating a complex acquisition process with Capital One. As Discover prepares to move forward without her, an interim leader will be appointed to manage her responsibilities from December 1 until the merger’s completion. Discover faced legal challenges regarding the acquisition, including customer lawsuits aimed at blocking the deal, which some believe could reduce competition in the credit card market and raise prices.

Despite her exit before her contract officially ends on January 9, 2025, Discover decided to waive Mehlman’s obligation to repay her sign-on bonus. In compensation for leaving early, she will receive a cash lump sum between $850,000 to $1 million, provided she is not terminated for cause prior to her final day.

Current Challenges at Discover

Mehlman’s departure follows the recent lawsuit filed by a former Discover executive, Diane Offereins, claiming gender and age discrimination after alleged retaliation for regulatory issues at the company. These developments highlight the challenges within Discover as it seeks to stabilize its leadership amid ongoing legal obstacles.

Ally Financial Overview

Founded with a mission to “Do It Right,” Ally Financial Inc. is a prominent financial services company known for operating the nation’s largest all-digital bank and leading in auto financing. Ally serves approximately 11 million customers and offers a comprehensive range of financial services, including online banking products, securities brokerage, and investment advisory services.

To learn more about Ally Financial and its offerings, visit www.ally.com.

For further media inquiries, contact:

• Jackie Hartzell, Ally Communications: 980-270-4244, jackie.hartzell@ally.com
• Sean Leary, Ally Investor Relations: 704-444-4830, sean.leary@ally.com

As financial services keep changing, everyone will be paying attention to Mehlman’s leadership at Ally as she takes on this new job.