Succession planning

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.

Many insiders are wondering about a contingent of senior executives who oversee some of the pillars of the Wall Street powerhouse that Tom Montag helped build: dealmaking, trading and commercial banking.

Chief Operating Officer Thomas Montag and Vice Chairman Anne Finucane will step down at the end of the year. The company said it will unveil succession plans in the coming weeks.

Brian Gunn, who will join the Tokyo-based bank on next month, previously served as chief risk officer at Santander Holdings USA, Ally Financial and a GE Capital subsidiary.

Jamie Dimon said he’s unlikely to be running JPMorgan Chase in 10 years, but he does see himself staying for another five years.

Hafize Gaye Erkan, the San Francisco bank's president, will share the chief executive role with longtime leader James Herbert, whose contract was extended through 2022.

Sherry Cornell, who has led the Ashtabula, Ohio, credit union since 2002, is stepping down next month.

Charlotte Cash will step down from CommonWealth One Federal Credit Union in Alexandria, Virginia, and Glenna Jarvis plans to leave her position at Missouri Central Credit Union in Lees Summit.

Morgan Stanley Chief Executive James Gorman unveiled his biggest leadership shake-up in more than a decade, positioning a small group of lieutenants — and two in particular — as his most likely successors.

The Springfield, Virginia, credit union named Scott Benson, its chief operating officer, to succeed Lynette Smith as chief executive.

The consumer and community banking unit of the nation's largest bank will be run by Jennifer Piepszak and Marianne Lake, two would-be contenders for the CEO role when Jamie Dimon retires. The company also named a new chief financial officer.

Dean Marchessault will be succeeded by Senior Vice President Howard Brady at the East Hartford, Connecticut, credit union.

JPMorgan Chase has named two executives to key technology posts, including the first Black chief information officer of a company unit; Ally Financial's chief digital officer has bolted for Live Oak Bancshares; and Amalgamated Bank has landed a veteran Australian banking executive as its new CEO.