Comerica promoted Jay K. Oberg from executive vice president, Corporate Development, Strategy and Capital Planning, to chief risk officer, effective Jan. 1, 2019. He will succeed Michael H. Michalak, who will be retiring from the position but remain with Comerica as an executive vice president.
In his new role, Oberg will be responsible for overseeing risk on an enterprise-wide basis, including governance of all risk management operations at the company. He will report directly to Chairman and CEO Ralph W. Babb Jr., as well as to the Enterprise Risk Committee of the board of directors.
A 27-year veteran of Comerica, Oberg joined the bank in 1991 as a financial analyst in the Controller Department. After moving to Corporate Development in 1995, his scope of work increased as he assumed leadership of the Corporate Planning and Development function in 2007. He began managing Comerica’s Corporate Development, Strategy and Capital Planning division in 2016, where he is currently responsible for corporate development activities, long-term strategic planning, corporate pricing oversight and credit risk review.
“Jay’s strong expertise in enterprise risk and his long history with Comerica will allow him to continue our efforts to successfully manage risk controls within our organization as the banking industry continues to experience change,” said Babb. “We are grateful for Mike, who has accomplished so much for Comerica over the past 30 years as we have navigated many economic cycles. As he plans for retirement, we thank Mike for his many achievements and his service to Comerica.”
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. While he served as executive vice president, Planning, Forecasting, Analysis and Enterprise Risk, he was responsible for a variety of activities, including annual planning, corporate forecasting exercises, and enterprise risk. Michalak was named Chief Risk Officer in 2014.