Regions Financial Corp. is searching for a chief credit officer as it restructures how it approaches credit.
Michael Willoughby, who had been Regions' chief credit officer since it bought AmSouth Bancorp. in 2006, was reassigned to the role of director of credit risk, reporting to chief risk officer William Wells. The $143 billion-asset Birmingham, Ala., company said Tuesday that Willoughby, 63, whose tenure as chief risk officer at AmSouth dated from 1997, is also preparing a "logical transition" toward retirement.
Timothy Laney, the head of business services, was named interim chief credit officer while Regions searches for a permanent replacement. Regions said it is retooling its credit processes after a review, and that it will separate credit approval from assessing risk.
