UPDATE 1-Treasury appoints former Citi exec to Ally board

NEW YORK, May 26 (BestGrowthStock) – The U.S. Treasury has
appointed Majorie Magner,a former Citigroup executive, to the
board of Ally Financial Inc (GKM.N: ), the automotive finance
company formerly known as GMAC Financial Services.

The U.S. Treasury owns a 56.3 percent stake in Ally under
its Automotive Industry Financing Program. Under the program,
the Treasury has the right to appoint two directors to the
company’s board. It said it will announce its second
appointment soon.

Magner will work on the board’s audit committee and risk
and compliance committee, according to a statement from the
company.

Magner is currently a director of Accenture Ltd (ACN.N: )and
Gannett Company Inc (GCI.N: ). She previously served as chairman
and chief executive officer of the global consumer group at
Citigroup (C.N: ).

Stock Market Research

(Reporting by Helen Kearney; Editing by Derek Caney)

UPDATE 1-Treasury appoints former Citi exec to Ally board