Synchrony promotes CFO to new role overseeing strategy
Synchrony Financial in Stamford, Conn., has promoted its chief financial officer, Brian Doubles, to a new role overseeing the company's expansion beyond its banking and cobranded credit card businesses.
As president, a newly created role, Doubles will oversee investments into venture programs, any potential mergers and acquisitions, and new product introduction. He will also be in charge of expanding the direct-to-consumer banking business.
Synchrony promoted Brian Wenzel, who had previously been the deputy chief financial officer, into the CFO role. The moves are effective immediately.
Doubles had been CFO at Synchrony since 2009, when it was known as GE Capital Retail Bank, and shepherded the company through its initial public offering in 2014. He will continue to report to CEO Margaret Keane.
"He will drive results in these critical areas by bringing them closer together — collectively, these teams will help propel Synchrony into the future," Keane said in a press release Thursday.
Synchrony is attempting to move on after its breakup with Walmart last year as the retail giant's credit card partner. The $105 billion-asset company extended its partnership with Sam's Club earlier this year and is reportedly nearing a deal with PayPal to issue credit cards for the payments unit Venmo.
Synchrony reported net earnings of $1.1 billion for the first quarter, up 73% from the same quarter last year, mostly due to a reserve release tied to a portfolio of Walmart loans. Its roughly $64 billion in deposits increased more than 13% from a year earlier.
"We’ve built a strong foundation for the future, investing deeply in technology and innovation and are positioned to win in the evolving finance and payments landscape," Doubles said in the release.