Chemical, TCF offer more details on post-merger leadership
Chemical Financial in Detroit and TCF Financial in Wayzata, Minn., have identified some members of the executive ranks who will lead the new company when their merger closes.
Tom Shafer, Chemical's president and CEO, will become president and chief operating officer of the new bank. Shafer will have oversight of wholesale and consumer banking.
The merger of equals is expected to close late in the third quarter or early in the fourth quarter. All executive moves will take effect on the date of the closing. The new company will keep TCF's name, be based in Detroit and have about $45 billion of assets.
Dennis Klaeser, Chemical's chief financial officer, will retain that title at the new company. TCF’s chief financial officer, Brian Maass, will become deputy CFO, reporting to Klaeser.
Jim Costa will be named chief risk and credit officer. He’s currently TCF's chief risk and credit officer. In addition, Costa and Brennan Ryan, Chemical's chief operating officer, will be co-leaders of the office that will have oversight of the two banks’ integration.
Patty Jones will be appointed chief administrative officer. She is TCF's chief administrative officer.
Joe Green, TCF's general counsel, will retain that title with the new company, reporting to Jones.
The companies also said that Sandy Kuohn, Chemical's head of human resources, will become chief human capital officer, and that Andy Jackson, TCF's chief audit executive, will retain that post when the merger is completed.
Kuohn and Jackson, along with Shafer, Klaeser, Costa and Jones, will report directly to TCF Chairman and CEO Craig Dahl, who is slated to become CEO of both the new holding company and the new bank.
“We have assembled a strong leadership team that represents the deep expertise and industry experience of both companies,” Dahl said in a press release. “Our primary objective in this merger of equals is to combine the best of both companies to create the premier Midwest bank that offers opportunities for all of our stakeholders.”
Dahl’s appointment had been previously disclosed, as were the pending appointments of Chemical Chairman Gary Torgow as chairman of the combined company and Chemical CEO David Provost as chairman of the combined company's bank.
Chemical and TCF said they plan to announce at a later date the directors of the new company. The board will have eight members from TCF and eight members from Chemical.