Comerica has announced that Jay K. Oberg, a senior executive vice president and chief risk officer, plans to retire by year-end 2024, the Dallas bank's parent company disclosed Friday in a
Oberg, 53, is a 32-year veteran of the bank and a top deputy to Curtis C. Farmer, Comerica's chairman, president and CEO. Since 2019, Oberg has been responsible for overseeing risk including compliance with risk management operations and identifying regulatory risks as well as risks related to products and services. In January, Comerica gave Oberg the added title of senior executive vice president, a bump from his prior title of senior vice president.
Last year, Oberg received $2.1 million in compensation which included a salary of $540,331, according to the bank's proxy statement.
The $90.8 billion-asset bank did not name a successor but said it is conducting a search and "evaluating candidates" to fill the role of chief risk officer. Oberg is expected to continue serving in the job until the company hires a replacement.
"It is anticipated that Mr. Oberg will continue in the role of senior executive vice president of the Company until his retirement in December 2024 to ensure a smooth and orderly transition of his responsibilities," the company said in a filing with the Securities and Exchange Commission.
A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.
In May, American Banker
Oberg became chief risk officer in 2019 after serving as an executive vice president in the bank's corporate development, strategy and capital planning. He joined Comerica in 1991 as a financial analyst.
