SunTrust Banks Inc. has made more changes to its management team.
The Atlanta-based company named Aleem Gillani its chief financial officer; he had been corporate treasurer.
It switched CFO Mark Chancy to a newly created post called wholesale banking executive. He will oversee corporate and investment banking, commercial banking, treasury and payments services and other operations.
SunTrust's board approved the appointments at its meeting Monday, the company said. They took effect immediately.
On Friday, SunTrust said William H. Rogers Jr., currently president and chief operating officer, would take over as chief executive, a role currently held by James M. Wells 3rd, who will remain as executive chairman. The transition is expected to be completed by June 1.
Creating a unified wholesale banking unit would help SunTrust "deliver the benefits of shared priorities, services and goals to both our clients and our shareholders," Rogers said in a press release Monday.
Chancy's "deep understanding of our strength and capabilities will enable him and his leadership team to capitalize on the clear interdependencies this combination of businesses represents," Rogers said.
Before becoming CFO in 2004, Chancy served as corporate treasurer for three years. He has been at SunTrust since 2001.
Gillani has been corporate treasurer since March 2010 and was previously chief market risk officer. He joined SunTrust in 2007.
"While announced CFO changes can cause anxiety among investors, we don't expect any reaction to the stock on this announcement as (the) appointments seem to be part of a very deliberate management transition on the heels of the recently announced CEO succession," Kevin Fitzsimmons, a managing director at Sandler O'Neill, wrote in a research note.
