Ally Financial, Inc. Names New CFO, Restructures for Anticipated IPO

Christopher Halmy, new CFO of Ally Financial Inc.

In the midst of its preparation for its Initial Public Offering, Ally Financial Inc. has named Christopher Halmy as its new Chief Financial Officer. Beginning on November 8, 2013, Halmy will focus on preparing the online bank and auto finance business for its IPO. Over the past year, Ally has pursued a comprehensive restructuring, selling many of its overseas businesses.

Before being named CFO, Halmy served as the funding executive at Ally since 2009 and was promoted to corporate treasurer just two years later. His extensive financial experience in the industry and knowledge about the company make him a formidable financial professional as Ally prepares to launch its IPO.

3 Considerations for Preparing for an IPO

For many businesses, “going public” with an IPO is more important than simply selling stock. Rather, it’s a symbolic milestone stating that the company has finally “made it.” Of course, a CFO in any industry will have a plateful of considerations while helping his or her company prepare for an IPO. From planning the offering to the logistics of it all, there are many secrets that a CFO must pay attention to for a successful IPO to continue growing the business.

These secrets include:

  1. 1.      Preparing early. Perhaps the most important factor in IPO readiness is preparing your company ahead of time. To do this, CFOs must drive change internally and encourage the company to act and operate like a public company a minimum of one year in advance of the IPO. This ensures that when the company finally goes public, it can handle the transition and the expectations set forth.
  2. 2.      Upgrade your financial systems. Before going public, CFOs must ensure that they have the financial reporting infrastructure in place for accurate and timely information flow. Because public companies will face more scrutiny on key business metrics and factors, it’s important to be able to easily track this information.
  3. Address current concerns. CFOs should also meet with current investors and fix any outstanding concerns. By fine-tuning internal business operations and processes, CFOs can better position their companies for an IPO. Whether it’s accounting challenges or workflow efficiency, there are many ways a CFO can pursue change.