The Japanese conglomerate Mitsubishi UFJ Financial Group has promoted its head of corporate banking in the U.S. to lead its operations in the Americas.
The $3.3 trillion-asset MUFG announced Tuesday that Kevin Cronin will succeed Stephen Cummings as president and CEO of the New York-based MUFG Union Bank and its holding company, MUFG Americas Holdings Corp. Cronin, who is based in New York, will also join the board of directors for the holding company and the $132.5 billion-asset Union Bank in San Francisco.
Cummings had previously announced he would step down in March as MUFG's senior-most executive in the Americas.
In a news release announcing the promotion, Kazuo Koshi, the executive board chairman at the MUFG Union Bank and its holding company, said Cronin "inspires loyalty in teams, has an unwavering dedication to diversity and inclusion efforts, drives financial performance while operating safely and soundly, and delivers for our clients."
He added that Cronin's deep knowledge of MUFG's U.S. operations "will ensure the continuity of transformational initiatives underway to position MUFG Americas for compelling and strategic growth.”
Cronin most recently worked as head of MUFG’s global corporate and investment bank in the Americas. In that role he was responsible for managing the bank’s portfolio of investment and wholesale businesses, including health care, technology, corporate advisory, leasing and asset financing, and structured and project finance.
MUFG also highlighted Cronin’s contributions to the company’s diversity and inclusion efforts. He is a member of the executive inclusion and diversity council, was the executive sponsor for its Black employee resource group from 2015 to 2019 and has been executive sponsor for its veterans employee resource group since 2019.
Before he joined MUFG in 2011, Cronin worked for more than 20 years at Bank of America and FleetBoston, which BofA acquired in 2005.
Correction: An earlier version of this story misstated Cronin’s title and responsibilities.
