Comerica promotes Muneera Carr to CFO
Comerica announced Wednesday that Chief Accounting Officer and Controller Muneera Carr has been promoted to chief financial officer.
Carr is replacing David Duprey, who is planning to retire as CFO in January and will leave the Dallas company at the end of February. Duprey, 59, joined Comerica in 2006 and has been its CFO since May 2016.
Carr joined Comerica in February 2010 after a short stint as head of accounting policy at SunTrust Banks. She had previously served as a senior accounting fellow at the Securities and Exchange Commission and had held senior accounting posts at Bank of America and PricewaterhouseCoopers.
In a news release, Comerica said that since Carr joined the company in 2010 her responsibilities have expanded to include tax, planning and forecasting and management information systems.
She also handles many of the financial aspects of Comerica’s so-called Growth in Efficiency and Revenue Initiative, or GEAR Up, which the company launched in 2016 as part of an overall effort to cut costs and identify opportunities to increase revenue.
“Muneera operates as a strong business leader for Comerica and we are fortunate to have someone of her caliber to transition seamlessly into this role,” Chairman and CEO Ralph Babb Jr. said in the release. “We believe her financial insight will create shareholder value and help drive the future growth and success of our organization.”
The $72 billion-asset Comerica did not say why Duprey was retiring after less than two years in the role, but his departure appears to be a personal decision and is “not due to internal conflicts” or reasons related to the bank’s finances, Evercore ISI analyst John Pancari wrote in a research note Wednesday after speaking with Comerica’s management.
Comerica’s shares were trading at $76.28 midday Wednesday, down roughly 1.2% from Tuesday’s close.