New JPMorgan CIOs, an Ally exit, Amalgamated's heir: People moves this week

May 13, 2021 2:47 PM

The musical chairs of banking industry hires and promotions really hummed this week. It featured diversity milestones, the rise of two women to the tops of their companies and rewards for years of hard work by a number of corporate lifers.

JPMorgan Chase named James Reid chief information officer for the newly created Employee Experience and Corporate Technology organization, overseeing the techology the company provides for its 250,000 employees. He is the first Black CIO of a JPMorgan unit.

Priscilla Sims Brown was hired as president and CEO of Amalgamated Financial in New York. She will take the reins on June 1; the bank has had an interim chief since Keith Mestrich stepped down in January. Brown, a Black woman, most recently served as group executive of marketing and corporate affairs for Commonwealth Bank in Australia. She has more than 30 years of experience in the financial services industry.

Meanwhile, Luke Wippler, a trustee of the Airplane Owners Pilot Association who has worked in finance at the company since 2002, was named corporate treasurer.

Below are their stories and more in our highlights of people moves of the week in banking.

James Reid, CIO, Employee Experience and Corporate Technology, and Melissa Goldman, chief data officer of JPMorgan Chase

Two new CIOs at JPMorgan Chase

JPMorgan Chase has named two employees to key technology roles, Chief Information Officer Lori Beer wrote in a memo to employees this week.

James Reid has been promoted to CIO for the newly created Employee Experience and Corporate Technology organization, overseeing the technology the bank provides for its 250,000 employees. He is the first Black CIO of a company unit, according to JPMorgan.

Melissa Goldman, who became chief data officer of the entire company in November, this week added the role of CIO of a newly formed group called Finance, Risk, Data and Compliance.

Reid's new job is similar to the one Goldman held until November. Reid will build on Goldman’s work and “further transform the ways we work and collaborate,” Beer's memo said.

Reid will develop, deploy and maintain technology for corporate functions including human resources, diversity and inclusion, legal, and corporate responsibility. He will also work with other business and technology leaders on the design of physical and virtual locations, including the bank’s new headquarters at 270 Park Ave. in New York.

Reid was most recently the head of the Corporate Technology Engineering and Architecture team. He’s a leader of the company's diversity and inclusion initiatives and a member of its Black Executive Forum.

In her chief data officer role, Goldman is tasked with managing data governance across the firm, Beer said in November. Goldman is also chair of the Data Governance Executive Committee.

"Melissa is a great example of the mobility opportunities that our firm affords employees," Beer wrote. Before joining JPMorgan in 2014, Goldman worked for Goldman Sachs for 20 years. — Penny Crosman

Amalgamated's Australian recruit

Priscilla Sims Brown will take over as president and CEO of Amalgamated Financial in New York on June 1.

Brown is group executive of marketing and corporate affairs for Commonwealth Bank in Australia. She has more than 30 years of experience in the financial services industry.

“Her track record of success with major national and global financial institutions makes her uniquely qualified to take on this role at this important time in our bank’s history and in our society,” says Lynne Fox, Amalgamated’s chairman and interim president and CEO. “We believe [her] experience and track record building and growing leading brands in the financial services sector will accelerate our growth strategy and expand our reach.”

Fox has been leading $6.4 billion-asset company on an interim basis since Keith Mestrich stepped down in late January.

—Paul Davis

New home for Ally tech exec

Live Oak Bancshares in Wilmington, North Carolina, has hired the chief digital officer of Ally Financial to fill a similar role.

The $8.4 billion-asset company said this week that Renato Derraik will serve as chief information and digital officer, effective June 7. He will oversee Live Oak’s IT and digital applications, infrastructure and architecture.

Derraik “brings a wealth of expertise to the helm,” says Chip Mahan, Live Oak’s chairman and CEO.

Before joining Ally, Derraik held positions at Sprint and McKinsey.

“Live Oak’s unique model and culture are incredibly exciting,” Derraik says. “I am elated to be part of a team that is passionate and dedicated to serving America’s small-business owners with such a clear focus on service, technology innovation and expertise to help them achieve their financial goals."

Live Oak has a national Small Business Administration business. The company also has a tech focus, creating and spinning off nCino. It has been working with Finxact to deploy a core banking system that runs on Amazon Web Services. —Paul Davis

Expanded outreach effort at Comerica

Sonya Trac has been named national Asian American business development manager of Comerica in Dallas.

"I look forward to working with our Asian American and Pacific Islander communities, our bankers, local community development financial institutions and minority depository institutions to identify innovative solutions to support Asian American business' needs,” says Trac, who previously was vice president of external affairs for the $86.3 billion-asset company's Northern California market.

Trac will work closely with Comerica’s Asian American Pacific Islander business resource groups, including Chief Diversity Officer Nate Bennett and Chief Community Officer Irvin Ashford Jr.

Comerica last year began depositing $10 million at other minority deposit institutions across Texas, Michigan and California to help provide financing to business owners that have had a hard time accessing capital during the pandemic.

The company also launched a campaign this year to raise awareness around violence against Asian senior citizens. More than 1,000 personal safety alarms have been distributed because of the effort, and several financial programs were set up to help curb rising rates of fraud. In her new position, Trac will be reaching out to new organizations and nonprofits, Comerica said. —Jon Prior

Bigger role for U.S. Bank finance whiz

U.S. Bancorp in Minneapolis has promoted Luke Wippler, 39, to corporate treasurer. He starts on Monday.

Wippler most recently was senior vice president and treasury risk executive and has worked in corporate finance since joining the $553.4 billion-asset company in 2002.

“Luke has been a valuable member of the treasury team for 10 years,” Chief Financial Officer Terry Dolan said. “His knowledge, experience and leadership skills make him an excellent choice.”

Wippler has a bachelor's degree from the University of St. Thomas and an MBA from the Carlson School of Management at the University of Minnesota. He is a trustee of the Airplane Owners Pilot Association. —Dean Anason

Slew of moves at Simmons First

Simmons First National in Pine Bluff, Arkansas, has deepened its bench with a series of executive hirings and promotions.

The $23 billion-asset company tapped Freddie Black (pictured, on left) to the newly created post of chief community banking officer, where he will oversee expansion efforts across smaller markets. Chad Rawls (right) was named chief metro banking officer, another new post that will focus on urban markets.

Black previously served as the company’s chief business development officer. Rawls, who had been president of corporate banking, will continue to oversee areas such as Small Business Administration lending, corporate treasury management and mortgage warehouse.

The company also filled a number of other leadership posts.

Chuck Newell was named community division president for Tennessee. Before joining Simmons in 2018, he held leadership roles at First Horizon. Paul Craig, who had been director of corporate development at FirstBank, was named market president for Nashville, Tennessee.

Simmons also promoted Paul Lowe to become metro division president for the company’s metro markets in Arkansas and Tennessee. Lowe, who joined Simmons from Bear State Bank in 2019, had led the company’s central Arkansas division as a market president.

David Stogsdill succeeded Lowe as the central Arkansas market president. Stogsdill was senior vice president of corporate banking at Regions Bank before joining Simmons in 2018.

—Paul Davis

Ascent to top of Ascentra

Linda Andry is the new president and CEO of Ascentra Credit Union in Bettendorf, Iowa.

Andry had been serving as interim CEO of the $536 million-asset credit union since November 2020, when former CEO Dale Owen died.

“It takes a strong person to manage through a pandemic, a large upgrade of a digital platform and support and comfort a staff of 150 through the illness and loss of a dear friend and leader,” Chairman Larry Ridenour says.

Andry has more than 30 years of experience in the financial services industry. She started her career as a teller at the former First National Bank of Moline.

She moved to the insurance industry as a senior accountant for Bituminous Insurance before joining the credit union in December 2005 as chief financial officer.
—Ken McCarthy