USA
Deal Maker of the Year Awards 2013 WINNER - MICHAEL A. CARPENTER
DEAL: ACE acquires ABA Seguros from Ally Financial for $865 mln
NAME: Michael A. Carpenter COMPANY: Ally Financial POSITION: CEO WEBSITE:
www.allyfinancial.com
BIO
Michael A. Carpenter was named chief executive officer of Ally Financial in November 2009 and has served on its board of directors since May 2009. He oversees all strategy and operations to focus on strengthening the core businesses, while positioning the company for long-term growth.
Carpenter has broad and deep experience in banking, capital markets, turnarounds and corporate strategy. Most recently, he founded Southgate Alternative Investments in 2007. From 2002 to 2006, he was chairman and chief executive officer of Citigroup Alternative Investments, overseeing $60 billion of proprietary capital and customer funds globally in various alternative investment vehicles.
From 1998 to 2002, Carpenter 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. Carpenter was named chairman and CEO of Salomon Smith Barney in 1998, shortly after the merger that created Citigroup and led the first ever successful integration of a commercial and investment bank.
Prior to Citigroup, he was chairman and CEO of Travelers Life & Annuity and vice chairman of Travelers Group Inc., responsible for strategy and business development. From 1989 to 1994 he was chairman of the board, president and CEO of Kidder Peabody Group Inc., a wholly owned subsidiary of General Electric Company.
From 1986 to 1989, Carpenter 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, 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.
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.
DEAL OVERVIEW
On May 2, 2013, Ally Financial Inc. (Ally) completed the sale of its Mexican insurance business, ABA Seguros, to the ACE Group. Ally received approximately $865 million in proceeds, which was comprised of a $690 million cash payment at closing and a $175 million dividend that was paid in the fourth quarter of 2012.
The completion of the ABA Seguros transaction marked another point of progress in Ally’s strategic plans. Beginning in mid-2012, the company embarked on a process to divest of all the international operations in order to further strengthen our capital position and best position us to return additional capital to the U.S. taxpayer. Our goal in these transactions was to find the best solutions for these businesses and the customers they serve, as well as to maximize value for our shareholders. To date, Ally has received more than 90 percent of the expected proceeds from the international sales.
Looking ahead, Ally remains focused on taking steps to further improve profitability, maintain strong core auto finance and direct banking franchises and fully exit the Troubled Asset Relief Program. To that end, the company recently completed a private placement of Ally common stock and repaid the U.S. Treasury $5.9 billion toward the investment that was made in the company. Combined with prior payments, Ally has now returned more than 70 percent of the investment that the U.S. taxpayer made in the company.
Ally’s transformation over the past couple of years has been nothing short of monumental and we can now look forward to turning the page on this chapter in our history, having successfully transformed a captive auto finance company with a large mortgage business to an independent, market-driven auto finance franchise powered by a leading direct bank.
www.finance-monthly.com 67
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102