CMA Comerica Inc

Comerica Inc., hit hard by souring energy loans, on Tuesday said its chief financial officer is stepping down.

The Dallas-based lender said Karen L. Parkhill, who has held the titles of chief financial officer and vice chairman since 2011, submitted her resignation on Friday, saying she was leaving to pursue other opportunities. Ms. Parkhill's resignation as chief financial officer became effective Tuesday, while her resignation as vice chairman will be effective this coming Friday.

The move comes a week after shareholders voiced concerns over the Dallas-based lender's disappointing results. A group of large shareholders has asked the lender to consider selling itself, arguing that it would be better off as part of a larger bank, The Wall Street Journal has reported.

Comerica, which has about $69 billion in assets, has hired Boston Consulting Group to review its operations and said that it would "not hesitate" to consider alternatives, though no specifics were given.

On Tuesday, Chief Executive Ralph W. Babb Jr. said general auditor David E. Duprey, a former Ernst & Young partner who joined Comerica in 2006, was promoted to chief financial officer and "will play an important role in driving the future of Comerica and creating value for our shareholders—especially working with the Boston Consulting Group in its current review of our revenue and expense base."

Mr. Duprey's compensation was not disclosed. Comerica representatives didn't return calls for comment Tuesday afternoon.

Ms. Parkhill's compensation for 2015 was valued at $2 million.

Rachel Louise Ensign contributed to this article.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 03, 2016 21:15 ET (01:15 GMT)

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