USAA Bank in San Antonio has a new president.
In a related move, Fifth Third has a new head of consumer banking.
The $78 billion-asset USAA, which serves members of the military and their families, on Friday named Chad Borton for the role. He is expected to start on May 15.
Borton, a former Army officer, will sit on the company’s executive council and report to Carl Liebert, chief operating officer. He previously headed consumer banking at the $142-billion-asset Fifth Third in Cincinnati and has also held senior leadership roles at JPMorgan Chase.
“He brings invaluable insights into changing consumer demands and emerging trends, having directed consumer banking in some of the nation's largest financial institutions,” Stuart Parker, USAA's chief executive, said in a press release his company issued to announce Borton’s appointment.
Borton succeeds Jamie Warder, who left USAA in November, after a 22-month stint as president. USAA declined at the time to give a reason for Warder’s departure. He has since been hired as head of business banking at the $134 billion-asset KeyCorp in Cleveland.
Fifth Third named Philip McHugh as head of consumer banking, succeeding Borton.
McHugh currently serves as head of wealth management. In his new role, which he is expected to start May 1, he would oversee a range of businesses including retail banking, business banking and collections.
McHugh will report directly to CEO Greg Carmichael. He joined Fifth Third in 1986 and has held a number of senior positions at the company, including president of the Louisville, Ky., region.
“Our deep bench of talented executives ensured that we had a strong successor to maintain our positive momentum,” Carmichael said in a press release Fifth Third issued to announce McHugh’s promotion. “While we are sorry to see Chad go, his new role at USAA fulfills a dream of leading an organization dedicated to serving the needs of military personnel, veterans and their families.”