- Push-out Score determined
- After about five years in the position
- Praise and thanks for Dahl
- Dave Provost taking over
- Dahl said 97 words
(exechange) — Detroit, Michigan, October 26, 2020 — Craig Dahl, chief executive of TCF, leaves. As announced by TCF Financial Corp. in a news release and in a regulatory filing published on Monday, October 26, 2020, Craig R. Dahl, chief executive officer, leaves the financial holding company after about five years in the role, effective October 27, 2020.
Craig Dahl’s duties as CEO will be taken over by David T. (Dave) Provost, most recently Vice Chairman of TCF Financial Corp.
Craig Dahl’s move forms part of a management shake-up also involving the positions of CEO of TCF National Bank; and president and chief operating officer of TCF Bank.
“A natural time to implement our succession plan”
The management change is explained as follows. Executive Chairman Gary Torgow said: “This is a natural time to implement our succession plan.”
Precise information regarding Craig Dahl’s future plans was not immediately available.
“Retire/leave the Company”
TCF said: “Craig R. Dahl will retire, effective Tuesday, Oct. 27.”
TCF further said: “Craig R. Dahl, Chief Executive Officer and President of TCF will leave the Company on October 27, 2020.”
Share price decline since January 2016
The announcement follows a decline in TCF Financial Corp.’s share price of 10% since the beginning of Dahl’s tenure in January 2016.
In the position of CEO since 2016
Craig Dahl became CEO of the Company in 2016.
Craig Dahl became President and Chief Executive Officer of TCF in connection with the Company’s Merger with Legacy TCF on August 1, 2019.
Dahl was also appointed to the Company’s Board on August 1, 2019.
Before the Merger, Dahl served as Chairman of the Board of Legacy TCF since April 26, 2017 and had previously served as a Vice Chairman starting in 2012.
He was Chief Executive Officer of Legacy TCF since January 1, 2016, and was President of Legacy TCF since March 2015.
Before that, Dahl had been an Executive Vice President of Legacy TCF since 1999.
During his tenure, Dahl has also held numerous leadership positions with many of Legacy TCF’s wholly-owned lending subsidiaries, including Chairman of TCF Inventory Finance, Inc., Chairman and Chief Executive Officer of Winthrop Resources Corporation, and Chairman of Gateway One Lending and Finance, LLC.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to TCF and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).