Chemical Financial, TCF Financial Announce Post-Merger Leadership

March 04, 2019, 07:30 AM

Filed Under: Personnel Announcements

Related: Chemical Bank, Craig Dahl, Mergers, Personnel Moves, TCF Financial Corporation, Tom Shafer

Chemical Financial Corporation and TCF Financial Corporation announced executive leadership appointments for the combined company.

The appointments will become effective upon the closing of the merger of equals, which is anticipated to occur in the late third or early fourth quarter of 2019, subject to satisfaction of customary closing conditions. Each of the individuals named will continue to serve in their current capacity for their respective company until that time.

As previously disclosed, Craig Dahl, the Current Chairman and Chief Executive Officer of TCF, will become CEO and President of new TCF and CEO of the combined bank. David Provost, the current CEO officer and president of Chemical, will become Chairman of new TCF bank.

The following executives will report to Dahl:

Tom Shafer will become President and Chief Operating Officer of new TCF Bank. He will have management oversight of the wholesale banking and consumer banking businesses and the IT organization. Shafer is currently CEO and President of Chemical Bank.
Dennis Klaeser will become Chief Financial Officer. He will be responsible for all areas of the finance function, including financial reporting, financial planning and analysis, tax and treasury management. Klaeser currently serves as Chief Financial Officer of Chemical and Chemical Bank. As previously announced, Brian Maass, the current Chief Financial Officer of TCF, will become Deputy Chief Financial Officer and Treasurer of new TCF, reporting to Klaeser.
Jim Costa will become Chief Risk & Credit Officer. He will be responsible for the risk management and credit functions. He will also have a dotted line reporting relationship to the Risk Committee of new TCF’s board of directors. Costa currently serves as Chief Risk and Credit Officer of TCF.
Patty Jones will become Chief Administrative Officer. She will oversee the legal department as well as the corporate affairs, communications and community affairs functions. Jones currently serves as Chief Administrative Officer of TCF. Joe Green will become Executive Vice President, General Counsel and Corporate Secretary, reporting to Jones. Green currently serves as Executive Vice President, General Counsel and Corporate Secretary of TCF.
Sandy Kuohn will become Chief Human Capital Officer. She will oversee human capital strategies, including talent acquisition, retention, organizational and talent development, total rewards and human capital services. Kuohn currently serves as Chief Human Resources Officer of Chemical Bank.
Andy Jackson will become Chief Audit Executive. He will be responsible for the internal audit function. He will also have a dotted line reporting relationship to the Audit Committee of new TCF’s board of directors. Jackson currently serves as Chief Audit Executive of TCF.

The following executives will report to Shafer:

Bill Henak will become Executive Vice President, Wholesale Banking. He will manage the national lending businesses focused on equipment and inventory finance, commercial banking (to be divided geographically) and national commercial real estate. Henak currently serves as Executive Vice President, Wholesale Banking of TCF.
Mike Jones will become Executive Vice President, Consumer and Business Banking. He will manage all areas of retail banking, consumer lending, small business banking, commercial banking (to be divided geographically), wealth management, mortgages and home lending. Jones currently serves as Executive Vice President, Consumer Banking of TCF.
Tom Butterfield will become Chief Information Officer. He will lead the information technology team, focused on providing the solutions necessary to best serve the new organization’s customers and business clients in a 21st century banking environment. Butterfield currently serves as Chief Information Officer of TCF.

“We have assembled a strong leadership team that represents the deep expertise and industry experience of both companies,” said Craig Dahl, TCF’s Chairman and CEO. “Our primary objective in this merger of equals is to combine the best of both companies to create the premier Midwest bank that offers opportunities for all of our stakeholders. We are confident that this team will provide the strong leadership necessary to enable us to operate as one company immediately following the closing of the merger and to fully execute our long-term strategy and vision for new TCF.”

Chemical’s CEO David Provost added: “Today marks another important milestone in our journey to create new TCF. We are fortunate to be able to draw upon the leadership expertise of two exceptional companies and create a truly balanced executive team with equal representation from Chemical and TCF. We look forward to starting the integration planning process and working to deliver the expected growth, cost and revenue synergies and operational efficiencies as soon as possible following the closing of the merger.”

Integration Management Leadership Appointments

The two companies also announced Jim Costa and Brennan Ryan, who currently serves as Chemical’s Chief Operating Officer, will co-lead an Integration Management office. They will be responsible for overseeing the process of seamlessly integrating the two companies and ensuring new TCF is prepared to go to market as one company immediately following the closing of the merger.

The board of directors for new TCF and other leadership roles are expected to be announced before the closing of the merger. As previously announced, new TCF’s board of directors will have 16 directors, consisting of eight directors from Chemical and eight directors from TCF.