TCF Financial Corp. in Wayzata, Minn., has promoted its chief risk officer, Barry N. Winslow, to head of corporate development as part of a broad management realignment aimed at better competing in an increasingly challenging banking climate.
In a news release Tuesday, the $18.8 billion-asset company said that "based on marketplace realities that all banks are facing," it is realigning its management to focus on four key initiatives: corporate development, enterprise risk management, lending and funding.
As head of corporate development, a newly created post, Winslow will be responsible for expanding TCF's franchise, according to Chairman and Chief Executive Officer William Cooper.
"The board and I have concluded that we need a dedicated executive management working in the corporate development function," Cooper said.
Winslow will be replaced by Neil W. Brown, who is currently the chief operating officer. Earl D. Stratton will replace Brown as COO.
The company also said that Chief Financial Officer Thomas W. Jasper has taken on a new role as vice chairman of funding, operations and finance, and that Craig R. Dahl, formerly head of specialty finance, is the new vice chairman in charge of lending. Jasper and Dahl have also been elected to the company's board of directors.
Michael S. Jones, currently the CFO of TCF Equipment Finance, will replace Jasper as CFO of the company.
TCF also announced on Monday that former Minnesota Congressman James M. Ramstad has joined its board of directors. Ramstad, a moderate Republican, represented Minnesota in the U.S. House of Representatives from 1991 to 2009.
"Jim brings a legacy of community service and a wealth of knowledge and experience in the political arena to the Board," Cooper said. "We look forward to the insight Jim will provide to our board and management team."