Chemical Financial, TCF Announce Post-Merger Executive Appointments

Chemical Financial and TCF Financial plan on making several new executive leadership appointments for the combined company after closing their merger of equals, which is anticipated for the late third or early fourth quarter of 2019, subject to customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.

Each of the individuals named will continue to serve in their current capacity for their respective company until that time.

Craig Dahl, the current chairman and CEO of TCF, will become chief executive officer and president of new TCF and CEO of the combined bank. David Provost, the current CEO and president of Chemical, will become chairman of the new TCF bank.

The following executives will report to Dahl:

  • Current Chemical CEO and President Tom Shafer will become president and chief operating officer with management oversight of the wholesale banking and consumer banking businesses and the IT organization.
  • Current Chemical CFO Dennis Klaeser will keep his current position in the new company, while Brian Maass, the current chief financial officer of TCF, will become deputy chief financial officer and treasurer under Klaeser.
  • Current TCF Chief Risk and Credit Officer Jim Costa will maintain his current position and have a dotted line reporting relationship to the Risk Committee of the new board of directors.
  • Current TCF Chief Administrative Officer Patty Jones will keep her current position, overseeing the legal department as well as the corporate affairs, communications and community affairs functions. Joe Green will become executive vice president, general counsel and corporate secretary, reporting to Jones.
  • Current Chemical Chief HR Officer Sandy Kuohn will become chief human capital officer, overseeing human capital strategies.
  • Andy Jackson will become chief audit executive, maintaining the current position he has at TCF.

The following executives will report to Shafer:

  • Current TCF EVP, Wholesale Banking, Bill Henak will keep his current position and manage the national lending businesses focused on equipment and inventory finance, commercial banking and national commercial real estate.
  • Current TCF EVP, Consumer Banking, Mike Jones will become executive vice president of Consumer and Business Banking. He will manage all areas of retail banking, consumer lending, small business banking, commercial banking, wealth management, mortgages and home lending.
  • Current TCF Chief Information Officer Tom Butterfield will keep his current position and lead the IT team.

“We have assembled a strong leadership team that represents the deep expertise and industry experience of both companies,” said Dahl. “Our primary objective in this merger of equals is to combine the best of both companies to create the premier Midwest bank that offers opportunities for all of our stakeholders. We are confident that this team will provide the strong leadership necessary to enable us to operate as one company immediately following the closing of the merger and to fully execute our long-term strategy and vision for new TCF.”

The board of directors for new TCF and other leadership roles are expected to be announced before the closing of the merger.

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