Succession planning

Hafize Gaye Erkan stepped down just weeks after the bank's founder, chairman and co-chief executive, James Herbert, announced a medical leave of absence. The San Francisco company named an interim CEO and said it will conduct a search for Herbert’s successor.

James Herbert is expected to step away from his duties for six months due to a coronary health issue. Co-CEO Hafize Gaye Erkan will take on more responsibilities.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

The aging of the American workforce is expected to hit the financial industry especially hard. So banks are considering nontraditional job candidates, finding bigger roles for young employees and moving those planning their departures into advisory roles.

SAFE Credit Union in Folsom, California, will promote its chief credit officer, Faye Nabhani, to president on Jan. 1 and then CEO a year later. She will be the institution's first female leader in its 80-year history.

Deutsche Bank plans to hold an extraordinary supervisory board meeting this weekend where it will discuss candidates to succeed chairman Paul Achleitner, according to people briefed on the matter.

The changes, which have implications for succession planning at the Toronto-based company, include elevating U.S. CEO Greg Braca to a new role. Leo Salom, wealth management group head, was named as Braca’s successor.

Josh Wooley succeeds Glenna Jarvis, who retired in June as president and CEO. Wooley had worked at a larger credit union across the Kansas state line.

King, who helped build BB&T into a regional powerhouse before engineering its merger with rival SunTrust, will retire as CEO of Truist on Sunday. In an interview, he spoke about the importance of cultural fit in M&A, his own legacy and what he wants to do next.

Hranicky, currently the head of middle-market banking, replaces Perry Pelos, who is transitioning to an advisory role and will retire next year.