Since Tammy LoCascio signed on as chief operating officer at First Horizon three years ago, it hasn't exactly been a smooth ride for her, her team and her fellow executives.
The announcement — and then the termination of what would have been a $13 billion merger with TD Bank — have made overseeing the operation of this southeast regional challenging.
"When you go through the significant changes and unexpected challenges we have experienced over the past three years ... [including] a merger of equals, the pandemic, the TD transaction termination, the banking crisis, you form relationships from shared experiences that help you individually but also help the overall team," LoCascio said.
"I am fortunate to have an extraordinarily dedicated and talented team that is not only keenly focused on taking care of our company and our associates, but also genuinely celebrates the successes of the collective team versus individual achievements," she added. "We have not only survived the past three years but thrived amidst significant change."
When LoCascio was tapped as COO in 2021, First Horizon became one of the few major regional banks to boast 60% of its executive management roles were filled by women. And LoCascio has made sure to keep that ball rolling. "I have always been passionate about supporting women in the workplace," she said, adding that she learned a great deal when she served as chief human resources officer during the bank's planned merger, and at the onset of the pandemic.
As the head of HR, she pushed to increase the bank's minimum wage "multiple times over the past five years, currently at $20 per hour across our entire footprint."
She also helped First Horizon establish a compensation program that provided opportunities for "every associate in our company to participate in an incentive or bonus program, tying their contribution to our company's success," she said. "Some of my favorite stories every year are from working moms sharing how appreciative they are of the company for receiving a bonus and how they intend to spend the money on their family," LoCascio said. The bank's compensation program also now offers "retention bonuses" to encourage its employees to stay the course "during a significant time of uncertainty."
"We designed a multiyear retention program that made a financial commitment to associates who remained dedicated to taking care of our clients and of our organization," she said, adding that the $82.2 billion-asset bank has also made significant strides to expand adoption and parental leave policies and instituted vacation policies to offer additional time off based on tenure.
In the wake of her father's colon cancer diagnosis earlier this year, and detection of her own thyroid cancer two years ago, LoCascio has become an increasingly vocal advocate for "affordable health insurance options for women in the workplace, with a focus on continued wellness programs that reinforce early detection and healthy lifestyles."
"Personally, I am also a big believer that you cannot manage others if you do not take care of yourself," said LoCascio, a former board chair for the Boys & Girls Club of Greater Memphis and board member of the Memphis River Parks Partnership and Mid-South Minority Business Continuum. "I recharge my energy by spending time outside of the bank doing things I love … spending time with my family, being active outdoors and reading something for fun."
