First Horizon poaches its next CFO from Truist

Dive Brief:

Memphis, Tennessee-based First Horizon has hired away its next CFO from Truist.
Hope Dmuchowski will join First Horizon in the role on Nov. 29, the bank said in a press release Tuesday. She served as Truist’s CFO for corporate banking, commercial banking and corporate groups from December 2019 — when BB&T and SunTrust completed their merger to form Truist — until September. At that point, Dmuchowski took a role as Truist’s head of financial planning and analysis and management reporting.
First Horizon CEO Bryan Jordan cited Dmuchowski’s "significant merger integration experience" in a statement Tuesday, saying it "gives her a unique understanding of the complexities, benefits and opportunities associated with the combination of two sizable organizations." First Horizon completed a $3.9 billion, all-stock merger with Louisiana-based IberiaBank in July 2020.

Dive Insight:

Dmuchowski succeeds Anthony Restel in First Horizon’s CFO role — although Restel had been holding the post on an interim basis since July, when previous CFO William "BJ" Losch left the Memphis bank to become CFO at North Carolina-based Live Oak Bancshares.

First Horizon in September named Restel its president of regional banking, signaling to some analysts, according to American Banker, that Restel is in line to someday succeed Jordan as CEO. Restel, who served as CFO of IberiaBank before the First Horizon merger, has been the Memphis bank’s chief operating officer (COO) since July 2020.

Dmuchowski held a handful of finance management roles in 12 years at BB&T before the merger that created Truist. She began her career in 2000 in Deutsche Bank’s sales and trading unit. At First Horizon, in addition to being CFO, she’ll have responsibility for corporate properties and procurement, the bank said.

"I am thrilled to join First Horizon at this exciting and pivotal time," Dmuchowski said. "I look forward to contributing to the overall strategy, particularly as we move beyond the final systems conversion and further capitalize on the power of the Company's higher growth markets and diversified business model."

The banking sector has seen significant movement this year among CFOs. Four of the six largest U.S.-based banks have moved new executives into the role since May.

Goldman Sachs announced in September that Denis Coleman, co-head of the bank's global financing group, would succeed Stephen Scherr as the bank's CFO after Scherr steps down in January.

Also in September, Bank of America named Alastair Borthwick, previously the bank's president of global commercial banking as CFO, effective in the fourth quarter. In the move, previous CFO Paul Donofrio was set to become vice chairman overseeing sustainable finance.

JPMorgan Chase named Jeremy Barnum, previously the head of global research in its corporate and investment bank, as CFO in May, succeeding Jennifer Piepszak, who became co-head of consumer and community banking.

When Morgan Stanley, also in May, named previous CFO Jon Pruzan as its next chief operating officer, the bank promoted Sharon Yeshaya, its investor relations chief, to CFO.

Hiring Dmuchowski may complete, for now, a C-suite shuffle First Horizon set into motion in September. When the bank named Restel to the regional banking president role, it installed Tammy LoCascio, previously chief human resources officer, as COO, and named Tanya Hart to succeed LoCascio atop human resources.

Of Dmuchowski, Jordan said, "I am confident that given her collaborative spirit and passion for progress, she will hit the ground running to help drive continuous improvement in a rapidly changing landscape."