First Horizon in Memphis, Tennessee, has announced a slate of managerial changes that includes a new role for one executive who some observers now see as the frontrunner to succeed Bryan Jordan as president and CEO.
The $87.9 billion-asset company announced late Thursday that its interim chief financial officer and chief operating officer, Anthony Restel, will become president of regional banking on Nov. 1. Restel, 51, will replace Michael J. Brown, who is retiring.
First Horizon also named Tammy LoCascio, previously chief human resources officer, as its new chief operating officer.
Restel became COO at First Horizon in July 2020, when the bank closed on
"I am confident that his leadership will help ensure that we are well positioned to capitalize on the power of our expanded franchise geographic footprint in higher growth markets as the team continues to focus on delivering for clients and meeting our performance objectives,” Jordan said of Restel.
The move to regional banking president, which oversees retail and commercial banking, could set Restel up as a potential successor to Jordan, 59, whenever Jordan decides to retire, said Brett Rabatin, the director of research at Hovde Group.
“That’s a super important spot for Anthony to be in,” Rabatin said. “Whoever’s in that spot is probably an obvious successor to Bryan.”
The near-term priority, though, is finding a CFO at a time when the bank has been struggling to grow revenue. Rabatin said First Horizon is under “a little bit of pressure” to find a really strong CFO, though he suspects the bank will be “deliberate” with the decision.
First Horizon said that Brown, 58, is retiring to pursue personal interests. He will be paid his salary through the remainder of 2021, will earn a performance-based cash incentive and 75% of his target bonus for the year.
First Horizon also named Tanya Hart, previously executive vice president of executive compensation and total rewards, as its new chief human resources officer. She will report to LoCascio.
