Ally Financial Inc. (NYSE:ALLY) Q1 2024 Earnings Conference Call April 18, 2024 9:00 AM ET

Company Participants

Sean Leary – Head of Investor Relations
Doug Timmerman – Interim Chief Executive Officer
Russ Hutchinson – Chief Financial Officer

Conference Call Participants

Moshe Orenbuch – TD Cowen
Ryan Nash – Goldman Sachs
Sanjay Sakhrani – KBW
Jeff Adelson – Morgan Stanley
Rob Wildhack – Autonomous Research
Bill Carcache – Wolfe Research Securities
Chase Haynes – Evercore ISI

Operator

Good day, and thank you for standing by. Welcome to the Ally Financial First Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your speaker today, Sean Leary, Head of Investor Relations. Please go ahead.

Sean Leary

Thank you, Elizabeth. Good morning, and welcome to Ally Financial’s first quarter 2024 earnings call. This morning, our Interim CEO, Doug Timmerman; and our CFO, Russ Hutchinson, will review Ally’s results before taking questions. The presentation we’ll reference can be found in the Investor Relations section of our website, ally.com. Forward-looking statements and risk factor language governing today’s call are on Slide 2. GAAP and non-GAAP measures pertaining to our operating performance and capital results are on Slide 3. As a reminder, non-GAAP or core metrics are supplemental to and not a substitute for U.S. GAAP measures. Definitions and reconciliations can be found in the appendix.

And with that, I’ll turn the call over to Doug.

Doug Timmerman

Thank you, Sean. Good morning, everyone, and thank you for joining the call. I’ll start on Page 4. Before we get into the quarter, I want to comment on our CEO transition. As we announced last month, Michael Rhodes will be taking over as CEO on April 29. I’ve been fortunate to spend time with Michael throughout the process, and I’m certain he is the right person to lead Ally. He respects what we’ve built and his deep banking experience based on a natural fit to continue advancing Ally’s businesses. On behalf of myself and the entire leadership team, we are thrilled to welcome Michael to Ally in a few weeks.

I’d also like to say it’s been an absolute privilege for me to serve as the interim CEO these past few months. I’ve been with Ally for over 30 years and the things that have always energized me the most are our people and culture. At Ally, the culture runs deep and it revolves around our employees, customers and communities. It starts and stops with our 11,000 associates and very importantly to my teammates, thank you for your support, hard work and dedication and, of course, caring for our customers. I firmly believe when you take care of your people, they take care of everything else, including our customers and communities.