Comerica Names Michael H. Michalak Chief Risk Officer

26-Year Veteran of Comerica to Focus on Mitigating Risk Across Banking Company

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Feb 28, 2014, 04:15 ET

DALLAS, Feb. 28, 2014 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) today announced that Michael H. Michalak has been named its Chief Risk Officer. In that role, Michalak will report directly to Comerica Chairman and Chief Executive Officer Ralph W. Babb Jr. as well as to the Enterprise Risk Committee of the Comerica Incorporated Board of Directors. He also will become a member of Comerica's Management Executive Committee, which is comprised of certain direct reports to Babb, namely Lars C. Anderson, Vice Chairman, Business Bank; Curtis C. Farmer, Vice Chairman, Retail Bank and Wealth Management; Karen L. Parkhill, Vice Chairman and Chief Financial Officer; Jon W. Bilstrom, Executive Vice President, Governance, Regulatory Relations and Legal Affairs; Megan D. Burkhart, Executive Vice President and Chief Human Resources Officer; David E. Duprey, Executive Vice President and General Auditor; and John M. Killian, Executive Vice President and Chief Credit Officer.

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As Chief Risk Officer, Michalak will be responsible for overseeing risk on an enterprise-wide basis. This includes ongoing compliance with policies and procedures relating to risk management governance, risk management procedures, and risk control infrastructure, and monitoring compliance with such policies and procedures, among other responsibilities.

"As a 26-year veteran of Comerica with significant risk management experience, Mike is ideally suited to become our banking company's Chief Risk Officer," said Babb.

Michalak joined Comerica in 1988 in the Asset Liability Management area and was named Treasurer of the Corporation in 1996. He assumed responsibility of Corporate Planning, Development and Risk Management in 1997. He also served as Interim Treasurer, a position he held during the second half of 2011 while he was Executive Vice President, Planning, Forecasting, Analysis and Enterprise Risk. In that latter role, he has been responsible for a variety of activities, including annual planning, all corporate forecasting exercises, and enterprise risk, including the coordination, production and submission of the annual capital plan. In addition, he has been responsible for the corporate pricing function, including pricing strategy and execution.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Florida, Comerica Bank locations can be found in Texas, Arizona, California and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $65.2 billion at December 31, 2013.

SOURCE Comerica Incorporated