Capital One (COF) announced Friday that longtime chief financial officer Gary Perlin will retire in May and will be succeeded by Stephen Crawford, an outside advisor to the McLean, Va.-based credit-card issuer.

The boardroom shake-up comes one decade to the month after Perlin's arrival at Capital One from the World Bank, where he also served as chief financial officer.

"Gary has been a trusted and valued partner over the past decade," Capital One Chief Executive Officer Richard Fairbank said in a news release. "Among many contributions, his counsel and leadership were instrumental as we successfully weathered an unprecedented financial crisis and emerged in an even stronger position."

Crawford, who will move into the CFO position on May 24, is a co-founder of Centerview Partners, an investment banking and advisory firm. He has served as an advisor to Capital One on a broad range of strategic and financial matters, according to Capital One's news release.

Earlier, Crawford worked at Morgan Stanley (MS) for nearly 20 years, where his roles included serving as chief financial officer. He left the investment bank in 2005 with a hefty severance package.

"Steve brings great experience and skills to the position," Fairbank stated. "He has worked with Capital One as an advisor over the last several years and knows our company, the industry and our management team well. And he has significant financial services and CFO experience."

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