Carter's departure is part of a broad executive restructuring aimed at building up the bank's commercial and retail arms, an official said.
THOMAS HEATH
Washington Post
The president of Capital One Bank, the McLean, Va.-based credit card giant, is leaving her job at the end of the year and the position is being eliminated in an executive reorganization. Lynn Carter, 54, will leave the post Dec. 31, and will remain with the company until March in an advisory role.
Capital One, the largest bank headquartered in the Washington area, said Carter’s departure is part of a broad executive restructuring aimed at building up the bank’s commercial and retail arms.
In a recent internal memo to employees announcing Carter’s departure, Rich Fairbank, Capital One founder and chairman, said that starting Sept. 1, “we will re-align Capital One around four key businesses – card, financial services, retail and small business banking and commercial banking. Given these changes, Lynn Carter will leave Capital One and transition out of her role as president, Capital One Bank in December.”
Fairbank elevated two executives, Mike Slocum of its commercial banking and Jon Witter of its retail bank division, to the company’s executive committee starting Sept. 1. They will report directly to Fairbank.
A Capital One spokesman said the company had nothing to say beyond the announcement.
Carter has been president since August 2007. She arrived from Bank of America while Capital One was undergoing a major expansion, acquiring banks and aggressively moving into new markets in the South and Northeast.
The company has been digesting those acquisitions since 2005 when it first expanded from credit cards into banking, buying New Orleans-based Hibernia and its 293 locations for $5.35 billion.
It acquired North Fork Bancorp a year later for $14.6 billion, giving it 353 more branches in the Northeast. Then last fall, the company assimilated more than 200 Chevy Chase Bank locations into its growing portfolio.