DETROIT — Ally Financial announced this week a new member of its board of directors has been selected by the U.S. Department of the Treasury.

Coming on board effective immediately is John Durrett, 62, who currently serves as a strategic adviser to Serent Capital, a San Francisco-based private equity firm. Officials mentioned Durrett also sits on the boards of two of Serent's portfolio companies.

Ally highlighted that Durrett is a director emeritus of McKinsey & Co., and completed his 27-year career with the firm in 2007. He served in numerous senior leadership positions during his tenure at McKinsey and also served as a member of the shareholder's council and chaired the council's finance and infrastructure committee.

Furthermore, Ally pointed out Durrett was also a long-time member of McKinsey's compensation committee and the director's and principal's review committees.

"John is a seasoned leader and will be a valued addition to the Ally board," stressed Ally chairman Franklin "Fritz" Hobbs.

"He brings extensive experience as both a senior executive and as an adviser to various leading companies," Hobbs continued. "We are pleased to have him join the Ally board as the company continues its transformation."

Acting assistant secretary for financial stability Tim Massad added, "This appointment is part of the administration's ongoing commitment to prudent stewardship of TARP investments.

"We believe that John Durrett will represent shareholders' interests effectively," Massad concluded.