Regions Financial Corp. said it has tapped Matthew Lusco to become its new chief risk officer early next year, succeeding Bill Wells, who resigned the post last month after a short tour of duty.
Lusco will come to Regions from KPMG International, where he was a managing partner in the company's Birmingham, Ala., and Memphis, Tenn., offices. His job with that firm called for him to provide audit and business-advisory services to companies — particularly commercial banks in the southeastern U.S. He has more than 30 years of industry experience. At Birmingham-based Regions, he will lead the company's risk-management group.
"Matt brings a deep and broad perspective on risk and keen analytical skills that will make a significant contribution to Regions as we continue to execute our strategic priorities," said President and Chief Executive Grayson Hall.
Wells left his position as chief risk officer at the regional bank in November, after only being hired in February. The departure of him and two others in the risk department spooked investors and prompted Fitch Ratings to move Regions to the brink of junk territory.
The company has posted repeated losses as it continues to struggle with real-estate exposure in the beaten-down southern U.S. markets. In October, Regions reported its bottom line improved in the third quarter as it set aside less to cover loan losses.
Shares declined a penny after hours to $6. As of the close, the stock had fallen 14% this year.
