Comerica Hires Parkhill From JP Morgan To Be Next CFO

  DOW JONES NEWSWIRES 
 

Comerica Inc. (CMA) said it hired J.P. Mogran Chase & Co. (JPM) executive Karen L. Parkhill to replace Elizabeth S. Acton as chief financial officer of the Dallas-based bank later this year.

Parkhill, 45, also will be vice chairman of Comerica. She most recently served as the CFO of J.P. Mogran's commercial banking business, a position she has held since 2007.

Acton, 60, plans to retire in April.

Comerica said that initially, Parkhill will assume administrative responsibilities for Comerica's service company, including corporate planning and development and corporate compliance and financial intelligence. Comerica expects to name her as CFO when it files its fiscal third-quarter results with the Securities and Exchange Commission. The company hasn't outlined a release date for that filing, but it is likely to come sometime in October based on past filings.

Comerica is closing a $780.6 million acquisition of Sterling Bancshares Inc. (SBIB), part of its strategy to shift its focus from the Midwest to the much stronger Texas economy.

Shares were down 0.4 at $32.53 after hours. Through the close, the stock has fallen 23% so far this year, while the wider market has gained.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [e-mail]