NEW YORK (
is continuing to reshuffle the bank's senior management team after CEO James Wells III announced his retirement last week.
The bank announced Monday evening that SunTrust COO William Rogers would replace Wells in June and that CFO Mark Chancy would take over the position as wholesale banking executive.
The newly created wholesale post will head up investment banking, diversified commercial banking, treasury and payment solutions, commercial real estate and the investment lines of the business. Chancy will also maintain his position as head of the company's corporate development, M&A and strategic planning.
Corporate Treasurer Aleem Gillani will take over for Chancy as CFO and will also serve as the corporate treasurer until a successor is selected, the bank said in a statement.
"Aligning our wholesale banking businesses as one integrated organization will enable us to deliver the benefits of shared priorities, services and goals to both our clients and our shareholders," said Rogers in a press release.
"While announced CFO changes can cause anxiety among investors, we don't expect any reaction to the stock on this announcement as today's appointments seem to be part of a very deliberate mgmt transition on the heels of the recently announced CEO succession," said Sandler O'Neill analyst Kevin Fitzsimmons in a note. "While Mr. Chancy was a very well-regarded CFO, we are confident he is fully capable of effectively running STI's wholesale businesses."
Calls to SunTrust for comment were not immediately returned.
--Written by Maria Woehr in New York.
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