Ally Names Dealer Financial Services President Douglas Timmerman as Interim CEO Timmerman will assume the role Feb. 1, following the departure of current CEO Jeffrey J. Brown Jan. 31, the company said in a Friday (Jan. 12) press release .
Ally Financial announced in October that Brown would step down early in 2024.
As president of dealer financial services, Timmerman is responsible for deepening relationships with Ally's 22,000 dealer customers, according to the release. Under his leadership, the auto financing business has optimized its operations and increased its dealer customer base.
A 30-plus-year veteran of the company, Timmerman has held a variety of leadership positions across Ally's auto finance and insurance business, the release said.
"Doug's long tenure at Ally and expertise in auto finance is extraordinarily well respected both inside and outside of Ally," Franklin W. Hobbs , chairman of the board of Ally, said in the release. "I know he will ensure a seamless transition as the board continues working with a leading search firm to identify the next permanent CEO."
Brown has served as Ally's CEO and a member of its board of directors since 2015 and has been with the company for 14 years, the firm said in an Oct. 11 press release announcing his plans to step down.
Following his departure, Brown will become president of Hendrick Automotive Group , an automotive retail organization with 131 retail franchises in 13 states, according to the release. The company is a longtime customer of Ally.
"What began in 2009 as the financial reengineering of a company ultimately became a bank that truly matters in the financial industry, and now is the right time for me to transition," Brown said in the October release. "Ally is positioned for a bright future thanks to our amazing team and the customers we are proud to support."
Dave & Buster's Launches Arcade Betting as Wagers Gain Popularity With the proliferation of betting apps bringing gambling into more parts of consumers' lives, now even Skee-Ball is getting the Las Vegas treatment.
Restaurant and entertainment center chain Dave & Buster's has partnered with gaming technology firm Lucra to add "gamification software" to its app for loyalty program members.
"This new partnership gives our loyalty members real-time, unrivaled gaming experiences, and reinforces our commitment to continuing to elevate our customer experience through innovative, cutting-edge technology," Dave and Buster's SVP of Entertainment and Attractions Simon Murray said in a news release .
A CNBC report notes that the news release from Lucra avoids the language of betting and wagering, preferring to call it "real-money contests or challenges" (per COO Michael Madding), operating under different regulations than a gambling operator.
By offering betting opportunities such as these, and especially by making them exclusive to rewards program members, companies can keep consumers financially engaged, driving spending and loyalty.
"You're going to see a lot more incentives to move your money around in an ecosystem. I'm at the table, I win money, it goes in my app, I can then bet on the game while I'm at dinner, then I can come back and move it back to the table. I see that as a trend," Drew Edwards , CEO of Ingo Payments , told PYMNTS' Karen Webster in an interview last year.
While sports betting has always been big business in the U.S. — though confined to off-track establishments, bookies or casinos — it has entered the mainstream market due to in large part several states' legalization of online sportsbooks and in turn to its extension to more parts of consumers' lives.
With the rise of online betting platforms and mobile apps, betting has become more accessible to a broader audience. People can now place bets from their smartphones or computers, eliminating the need to visit physical betting locations.
For many consumers, betting is not just about winning money but also about entertainment. Placing bets adds excitement and suspense to watching events unfold, whether it's a pro sports game or, in this case, a Hot Shots arcade basketball game.
With betting options now reaching beyond traditional sports betting into new categories, more consumers who may not be interested in putting money on the big game are getting into this risky endeavor. Consumers are wagering on outcomes ranging from political events to entertainment awards to even reality television shows or weather patterns.
One study from betting app Sparket found that 60% of Gen Z respondents would wager on reality television, while just 50% would bet on traditional sports. That said, the study's sample size only included 81 respondents.
"People will place a bet on 'Will we have rainfall?', or 'How much snow will a certain place get?', or 'What will be the first day of snowfall?'" sports policy expert John Holden, JD/PhD, associate professor at Oklahoma State University, told Fox 5 NY last year.
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