The vice chairman of M&T Bank (MTB) has resigned, spurring the Buffalo company to expand the roles of a handful of top executives.
Michael Pinto has stepped down from M&T's board of directors because of a "serious medical condition," but he will remain vice chairman of M&T's banking unit, the company said Tuesday. He has also resigned from his role as chairman and chief executive of the mid-Atlantic division of M&T Bank, a company spokesman said.
Pinto, 57, resigned to devote time and energy to his treatment, the company said in a release. He has been with the $84 billion-asset M&T since 1985, and was named vice chairman in 2007.
M&T has named two new vice chairmen to succeed Pinto: Chief Financial Officer Rene Jones and Executive Vice President Kevin Pearson. Both will assume expanded responsibilities. Jones, 49, will now be responsible for Wilmington Trust, M&T's wealth and trust division and for M&T Bank's treasury division. Pearson, 52, will now manage M&T's entire commercial line of business.
M&T also announced that it has given Mark Czarnecki, president of the bank and the holding company, the additional role of chief operating officer. In the new role, Czarnecki, 58, will assume more responsibilities for the day-to-day management of the company and for coordinating its credit, audit and risk divisions, M&T said.
"Working side by side with the rest of our experienced management team, [Jones, Pearson and Czarnecki] will provide sound leadership and guidance as we navigate, not just through [Pinto's] treatment, but through a challenging and dynamic banking environment as well," said Robert Wilmers, M&T's chairman and CEO, in the news release.