(Reuters) - Zions Bancorporation (NASDAQ:ZION) said on Friday that veteran Scott Anderson was set to retire after serving as president and CEO of Zions Bank for more than 25 years, amid renewed uncertainty over the health of the U.S. regional banking sector.
Anderson came to Zions 33 years ago from a "prominent role" at Bank of America (NYSE:BAC), Zions Bancorporation CEO Harris Simmons said in a statement.
Zions was one of the lenders in focus last year after the collapse of Silicon Valley Bank and Signature Bank roiled the regional banking sector in the United States, as spooked customers moved their money to bigger financial institutions.
Utah-based Zions' shares closed about 11% down in 2023 and it is also down 11% year-to-date.
Fears about the health of the industry resurfaced after New York Community Bancorp reported a surprise loss due to higher provisions, stoking a stock rout earlier this year. The lender is down about 56% year-to-date.
New York Community Bancorp named banking veteran and turnaround expert Alessandro DiNello executive chair earlier this month, putting the brakes on the frenzied selloff.
The U.S. Federal Reserve maintaining a high interest-rate environment to rein in inflation has weighed on regional banks' loan profits as well as the value of the securities they hold.
Paul Burdiss, Zions Bancorporation's executive vice president and chief financial officer since 2015, will succeed Anderson, who is to retire on April 1.
Burdiss's role will be taken over by Ryan Richards, currently corporate controller at the company.