TCF Financial Corp. announced a sudden leadership change Monday.
The Wayzata, Minn., company said William A. Cooper has been reappointed its chief executive, succeeding Lynn Nagorske, who abruptly decided to retire Friday.
Mr. Nagorske, 51, had been the $16.5 billion-asset company's CEO since January 2006.
Mr. Cooper will remain TCF's chairman. He had been both the chairman and CEO from 1985 to 2005.
When asked to explain Mr. Nagorske's sudden retirement, a TCF spokesman said Mr. Cooper, 65, would discuss the matter on a conference call Monday afternoon.
In a press release Monday morning, Mr. Cooper said: "Lynn Nagorske has made great contributions to the success of TCF in his 22 years with the company and has successfully guided the bank in this most challenging economic environment. He has earned the respect and admiration of our board, our management team, and our employees, and we wish him well."
Last week TCF reported that mounting loan losses contributed to a 62% decline in its second-quarter earnings, to $23.7 million, or 19 cents a share. Analysts on average had expected a profit of 34 cents a share, according to Thomson Reuters.
