Capital One Financial in McLean, Va., announced Tuesday a shuffling in its executive ranks.
Sheldon Hall, 41, will become chief risk officer on Aug. 1, the company said in a regulatory filing. Hall, who has been with the credit card giant for two decades, currently leads part of Capital One’s U.S. card business.
The firm’s current chief risk officer, Kevin Borgmann, will move into a new role as a senior adviser to CEO Richard Fairbank and other executives. The company’s plan is for Borgmann, who has been Capital One’s chief risk officer since 2013, to move into his new role on Feb. 1.
That leaves a six-month gap, and during that period, the chief risk officer job will be filled by John Finneran Jr., who is currently Capital One’s general counsel, the company stated.
Following his stint as chief risk officer, Finneran will also become a senior adviser to Fairbank and other Capital One executives. Meanwhile, the general counsel role will be filled by Matthew Cooper, who joined Capital One in 2009 and has held various senior roles in the company’s legal department.
Capital One said that the decision to name a new chief risk officer was made at Borgmann’s request and is unrelated to either the firm’s financial performance or its risk performance.
“The company has been fully satisfied with Mr. Borgmann’s performance as chief risk officer,” Capital One said in a filing with the Securities and Exchange Commission.
Capital One, which had $361 billion of assets on Sept. 30, is scheduled to report its fourth-quarter earnings on Jan. 23.