Michael Carpenter retired as CEO from Ally Financial Inc. in February 2015 after a long and distinguished career in the financial services industry.
Ally, formerly GMAC, was a recipient of $13 billion of government funding under the TARP program in 2009, and was experiencing significant losses when Mr. Carpenter assumed the CEO position. During his tenure, Mr. Carpenter focused Ally on selected core businesses, reduced expenses, and built Ally Bank to $50 billion in deposits. Mr. Carpenter retired from Ally after returning the company to profitability, taking the company public in April 2014, and after repaying Treasury almost $16 billion by 2014. From 1998 to 2006 Mr. Carpenter was a member of Citigroup’s senior management group, having been the architect of the Travelers-Citi merger. From 2002 to 2006 he was Chairman and CEO of Citigroup Alternative Investments, overseeing $60 billion of proprietary capital and customer funds in various alternative investment vehicles. From 1998 to 2002 Mr. Carpenter was Chairman and CEO of Citigroup’s Global Corporate and Investment Bank, with responsibility for Salomon Smith Barney and Citibank’s corporate banking activities. Prior to Citigroup, beginning in 1994, he was CEO of Travelers Life and Annuity and Vice Chairman of Travelers Group, Inc. Carpenter was a senior officer of GE from 1983 to 1994. Earlier in his career, Mr. Carpenter worked at the Boston Consulting Group and Imperial Chemical Industries of the United Kingdom. Mr. Carpenter currently serves on the boards of CIT (NYSE), Autobytel (NYSE), US Retirement Partners, Law Finance Group, The New York City Investment Fund and has been a board member of the New York Stock Exchange, General Signal, Loews Cineplex, and various other private and public companies.