Marshall & Ilsley Corp. shuffles leadership team as losses continue
Milwaukee-based Marshall & Ilsley Corp., which today announced it lost $169.2 million in the third quarter, also announced several promotions and other organizational changes today.
The parent company of M&I Bank said Mark Furlong, president and chief executive officer, has been named to the additional position of chairman of the board. Furlong joined M&I in 2001 as senior vice president and chief financial officer. He was elected president of M&I M&I Bank in 2004, president of Marshall & Ilsley Corp. in 2005, and was named chief executive officer in 2007.
Furlong succeeds Dennis Kuester, who retires as chairman effective today. Kuester has been chairman since 2004 and will remain a member of the board of directors.
M&I also announced that Thomas Ellis has been named president of M&I Marshall & Ilsley Bank. Ellis will succeed Furlong, who will continue to serve as chairman and chief executive officer of M&I Bank. Ellis also will become a member of the board of directors of M&I Bank. Ellis joined M&I Bank as assistant vice president and commercial lender in 1988. Since 2009, Ellis has been executive vice president of M&I Bank and head of Community Banking.
After 33 years with M&I, Mark Hogan, executive vice president and chief credit officer, has announced his retirement, effective Dec. 31. Hogan has been chief credit officer since 2001. He will assist the corporation in an advisory role until the end of 2011. A search for his permanent successor has begun.
Ann Benschoter, executive vice president of M&I Bank and head of corporate banking, will act as chief credit officer on an interim basis. Benschoter has 31 years of banking experience and has been with M&I since 1996. Robert Buerger, senior vice president and head of Specialized Industries Banking, will act as head of corporate banking in the interim.
M&I also announced Bradley Chapin has been named executive vice president of M&I Bank and will be the head of consumer banking. Chapin joined M&I in 1990 as a vice president, M&I Bank, Milwaukee; was named regional president of M&I’s Minnesota Region in 2004; and in 2009 became regional group president, leading the Minnesota, Arizona, and Kansas City Regions.
Richard Becker has been named executive vice president of M&I Bank. In this position, Becker will be the head of Regional Banking. Becker has been with M&I for 36 years, most recently as senior vice president and regional group president for Community Banking for the Wisconsin and Florida Regions.
The company reported today that it lost $169.2 million, 32 cents per share, in the third quarter, which was an improvement over a net loss of $248.4 million, or 68 cents per share, in the same period a year earlier.
M&I’s nonperforming loans decreased 11 percent from second quarter 2010 – the fifth consecutive quarterly decline and down 34 percent from second quarter 2009 high. The company’s early stage delinquencies fell 24 percent from third quarter 2009.
Through the first nine months of the year, the company incurred a net loss of $483.5 million, which was atop a net loss of $599.3 million in the first nine months of 2009.
"Our third quarter results were in line with the prior quarter, but were significantly better after adjusting for one sizeable hospitality relationship," Furlong said. "Without this relationship, loan loss provision and net charge-offs were down substantially from the second quarter and the same period last year. This continues the progress we have made in addressing asset quality challenges through our early identification of problem credits. We will remain diligent in continuing to improve our credit profile, but our attention will increasingly shift toward a return to profitability and growth opportunities."
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