Michael Carpenter, who retired as CEO of Ally Financial on Monday, can leave saying, “Mission accomplished.”
On Carpenter’s watch, Ally repaid its U.S. government bailout plus a profit for taxpayers and freed itself of government ownership, effective in December.
At the tail end of 2008 the U.S. Treasury rescued Ally’s predecessor company, GMAC, in the runup to General Motors’ bankruptcy restructuring in 2009.
Carpenter, 67, joined Ally’s board of directors in May 2009 and became CEO that November.
According to the U.S. Treasury, taxpayers invested $17.2 billion in Ally over time and recovered $19.6 billion -- generating a profit of about $2.4 billion.
Ally was grateful for the help, but government ownership had been a migraine headache for six years, Carpenter said in an interview in San Francisco last month. It turned out to be his last sit-down with Automotive News as Ally’s CEO.
“There were so many ways we had been handcuffed,” by government ownership, Carpenter said.