Comerica CFO Stepping Down
May 03 2016 - 9:30PM
Dow Jones News
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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