Succession planning

Pick, 54, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said. Gorman, 65, will stay on as executive chairman.

Mark Smith, most recently head of the firm's treasury and trade solutions division in Europe, the Middle East and Africa, will take on the treasurer role on an interim basis. 

Jeffrey Brown, who's been Ally Financial's top executive for nearly nine years, plans to leave the company by early next year. His exit comes as deteriorating credit quality and rising interest rates are biting into Ally's profits.

Cboe Global Markets says Edward Tilly has resigned following an investigation that determined he didn't disclose personal relationships with colleagues. The derivatives and securities exchange has appointed Fredric Tomczyk, a current member of Cboe's board of directors, to replace Tilly. 

Many institutions are building internal development programs to lower the barriers of entry to more senior roles as aging leaders retire.

The credit card company is no stranger to regulatory penalties, but its CEO's sudden departure this week raises the specter of a more painful punishment tied to possible compliance shortcomings. Analysts are hoping to get clarity Thursday on how bad things could get.

Discover Financial Services' announcement of the immediate resignation of longtime executive Roger Hochschild comes weeks after the company announced it overcharged merchants for 16 years.

After eight years leading one of the nation's most prominent Black banks, Michael Pugh will become chief executive of the Local Initiatives Support Corporation.

The $1.6 billion-asset company said in a press release Wednesday that its directors "voted to terminate" Kevin Lycklama's employment. Dan Cox, chief credit officer, was named as acting president and CEO.

The acquisition of Silicon Valley Bank helped push the bank's capital ratio to 13.4% in the second quarter, above its target range. But First Citizens said it would focus on absorbing SVB, and assess the impact of new capital rules, before restarting buybacks.

Outgoing CEO James Gorman, who is set to become the investment bank's executive chairman, said he has no plans to ditch virtual annual meetings. He also argued that earnings should be reported twice each year, rather than quarterly.

Greater Nevada Credit Union in Carson City promoted Danny DeLaRosa to be its next president and CEO. He replaces Wally Murray, who retired in March.

James Gorman, who became CEO at the beginning of 2010, said early in the year that there are three finalists to take over when he leaves.

The West Virginia company says COO Jeffrey Jackson will become chief executive in August instead of January. He will succeed Todd Clossin, who will retire earlier than planned and describes Jackson as "well prepared."

Angelino "Gino" Cayanan, who was most recently CFO for Los Angeles Police Federal Credit Union, will lead the $1.2 billion-asset Noble.

Terry Dolan will see his role expand when two senior executives retire this summer, and will then hand over CFO duties to John Stern in September.

Carmichael held the position for less than a year after stepping down as chief in July. The Cincinnati bank plans to elect a new executive chair at its annual shareholder meeting in April.

Derrick Bailey, the Ohio credit union's president, will become chief executive as expected. He will succeed Leslie Bumgarner, who announced her plans to retire last year, on July 1.

Andrew J. Mullins III succeeded Kelly Smith as president and CEO this month. Smith has been interim CEO since 2019.

Darius Wise was tapped to become the credit union's chief executive in full, after holding the role of interim CEO since May 2022.