Zions Bancorp Hires Chief Risk Officer

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Zions Bancorp (ZION) in Salt Lake City has hired a chief risk officer with regulatory and private-sector experience.

Edward Schreiber will join the $50 billion-asset company on April 1, Zions said in a press release Wednesday. Schreiber is a managing director for Alvarez & Marshal's Financial Industry Advisory Services. Earlier, he spent 11 years as chief risk officer for TD Bank (TD) and predecessors. He was also a national bank examiner for the Office of the Comptroller of the Currency for 19 years.

Schreiber, who also is serves on the board of the Risk Management Association, will succeed Dean Marotta, who left Zions to take another position several months ago, a Zions spokesman said.

Schreiber will oversee investment and operational risk. Previously, the company's chief risk officer was just responsible for operational risk, such as regulatory compliance and audits, the spokesman said.

Schreiber "brings a deep background in all aspects of risk management, including credit, operational and other enterprise risk management disciplines," Harris Simmons, the company's chairman and chief executive, said in a press release. "The fact that he's had broad experience in both the regulatory world and in the private sector is a great plus."

This is the second change to Zions' executive team this month, following the announcement that Chief Credit Officer Ken Peterson plans to retire.

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Comments (1)
I am glad to see that the CEO of Zions Bancorporation, Harris Simmons, has had a change of heart about hiring a CRO. On April 27, 2012, Harris Simmons wrote a letter to the Board of Governors of the Federal Reserve System and stated the following, " We believe the credit risk generally constitutes the greatest source of risk to our capital; it has proven over time to eclipse all other risks combined. We believe that having the Chief Credit Officer administratively report directly to the CEO, as opposed to subordinating the Chief Credit Officer position by having it report to an intermediate CRO, enhances the Chief Credit Officer's stature and clout within the organziation."
Posted by knarvaez | Monday, March 11 2013 at 2:15PM ET
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