DOW JONES NEWSWIRES
Comerica Inc. (CMA) said it hired J.P. Mogran Chase & Co.
(JPM) executive Karen L. Parkhill to replace Elizabeth S. Acton as
chief financial officer of the Dallas-based bank later this
year.
Parkhill, 45, also will be vice chairman of Comerica. She most
recently served as the CFO of J.P. Mogran's commercial banking
business, a position she has held since 2007.
Acton, 60, plans to retire in April.
Comerica said that initially, Parkhill will assume
administrative responsibilities for Comerica's service company,
including corporate planning and development and corporate
compliance and financial intelligence. Comerica expects to name her
as CFO when it files its fiscal third-quarter results with the
Securities and Exchange Commission. The company hasn't outlined a
release date for that filing, but it is likely to come sometime in
October based on past filings.
Comerica is closing a $780.6 million acquisition of Sterling
Bancshares Inc. (SBIB), part of its strategy to shift its focus
from the Midwest to the much stronger Texas economy.
Shares were down 0.4 at $32.53 after hours. Through the close,
the stock has fallen 23% so far this year, while the wider market
has gained.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com