Michael Carpenter formerly served as the Chief Executive Officer and on the board of directors of Ally Financial Services. The company was renamed Ally Financial in 2010, although it was founded in 1919 as the General Motors Acceptance Corporation (GMAC) to be a provider of financing to automotive customers. Since then, the business has expanded to include insurance, online banking, mortgage operations and commercial finance.

Prior to Ally, in 2007, Mr. Carpenter founded Southgate Alternative Investments. From 2002 to 2006, he was Chairman and Chief Executive Officer of Citigroup Alternative Investments. From 1998 to 2002 he was Chairman and Chief Executive Officer of Citigroup’s Global Corporate & Investment Bank, with responsibility for Salomon Smith Barney Inc. and Citibank’s corporate banking activities globally. Mr. Carpenter was named Chairman and CEO of Salomon Smith Barney in 1998, shortly after the merger that created Citigroup. Prior to this he was Chairman and CEO of Travelers Life & Annuity and Vice Chairman of Travelers Group Inc.  From 1989 to 1994, he was Chairman of the Board, President and CEO of Kidder Peabody Group Inc.  From 1986 to 1989, he was Executive Vice President of GE Capital Corporation. He first joined GE in 1983 as Vice President of Corporate Business Development and Planning and was responsible for strategic planning and development as well as mergers and acquisitions.  Earlier in his career, Mr. Carpenter spent nine years as Vice President and Director of the Boston Consulting Group consulting to major companies on corporate strategy and three years with Imperial Chemical Industries of the United Kingdom.

Mr. Carpenter received a Bachelor of Science degree from the University of Nottingham, England, and an M.B.A from the Harvard Business School, where he was a Baker Scholar. He also holds an honorary degree of Doctor of Laws from the University of Nottingham. He serves on the boards of US Retirement Partners and 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.