Regions Financial Corp., a bank dogged by losses resulting from too much risk ahead of the financial crisis, said its chief risk officer has resigned.
Chief Executive Grayson Hall said it was important to note that neither Bill Wells' exit, nor that of two other departing risk executives, resulted from any determination about additional problem loan migration, loan loss reserves or charge-offs.
While the southern regional bank searches for a replacement, it will divide the former responsibilities of Wells between Barb Godin, the company's chief of credit operations and John Haley, head of risk analytics. They will report to Chief Financial Officer David Turner until new chief risk officer is named.
In addition to Wells' departure, Regions Financial said Michael Willoughby, director of credit risk, has retired and Tom Neely, head of problem asset management, has left the company.
Loss narrowed in the bank's most recent quarterly results, but it sold troubled loans at a loss and reported deterioration in nonperforming loans, signaling the potential for more credit woes ahead.
Regions shares were up 0.8% at $6.25 after hours. The stock has risen 17% so far this year through the close.
