Feb. 28, 2014
/PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced that
Michael H. Michalak
has been named its Chief Risk Officer. In that role, Michalak will report directly to Comerica Chairman and Chief Executive Officer
Ralph W. Babb Jr.
as well as to the Enterprise Risk Committee of the Comerica Incorporated Board of Directors. He also will become a member of Comerica's Management Executive Committee, which is comprised of certain direct reports to Babb, namely
Lars C. Anderson
, Vice Chairman, Business Bank;
Curtis C. Farmer
, Vice Chairman, Retail Bank and Wealth Management;
Karen L. Parkhill
, Vice Chairman and Chief Financial Officer;
Jon W. Bilstrom
, Executive Vice President, Governance, Regulatory Relations and Legal Affairs;
Megan D. Burkhart
, Executive Vice President and Chief Human Resources Officer;
David E. Duprey
, Executive Vice President and General Auditor; and
John M. Killian
, Executive Vice President and Chief Credit Officer.
As Chief Risk Officer, Michalak will be responsible for overseeing risk on an enterprise-wide basis. This includes ongoing compliance with policies and procedures relating to risk management governance, risk management procedures, and risk control infrastructure, and monitoring compliance with such policies and procedures, among other responsibilities.
"As a 26-year veteran of Comerica with significant risk management experience, Mike is ideally suited to become our banking company's Chief Risk Officer," said Babb.
Michalak joined Comerica in 1988 in the Asset Liability Management area and was named Treasurer of the Corporation in 1996. He assumed responsibility of Corporate Planning, Development and Risk Management in 1997. He also served as Interim Treasurer, a position he held during the second half of 2011 while he was Executive Vice President, Planning, Forecasting, Analysis and Enterprise Risk. In that latter role, he has been responsible for a variety of activities, including annual planning, all corporate forecasting exercises, and enterprise risk, including the coordination, production and submission of the annual capital plan. In addition, he has been responsible for the corporate pricing function, including pricing strategy and execution.