Business Context and Reporting Period
This Form 8-K is a current report filed by Regions Financial Corporation on November 16, 2021. The filing addresses corporate governance changes under Item 5.02 regarding the departure of certain officers and the appointment of new leadership within the finance function.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the upcoming retirement of Brad Kimbrough, who served as Controller and Chief Accounting Officer. His retirement is effective February 28, 2022.
Management Commentary and Personnel Appointments
Effective upon Mr. Kimbrough's retirement, the Company has announced the following appointments:
- Anil Chadha has been appointed as Controller.
- Karin Allen has been appointed as Assistant Controller and Chief Accounting Officer. In this role, she will serve as the Company's principal accounting officer.
Background on Karin Allen:
- Age 53; joined Regions in 2004.
- Served as Director of External Reporting since 2006.
- Currently responsible for all SEC reporting, regulatory reporting, and financial statement consolidation and analysis.
- Promoted to Executive Vice President in 2019.
- Prior experience includes Senior Vice President at SouthTrust Corporation (2002–2004) and Audit Senior Manager roles at KPMG and Arthur Andersen.
The Company confirmed there are no compensatory arrangements, family relationships, or material plans connected to Ms. Allen's appointment requiring further disclosure.
Investor Verification Checklist
- Verify the effective date of Brad Kimbrough's retirement (February 28, 2022).
- Confirm the transition timeline for Anil Chadha and Karin Allen assuming their new roles.
- Review the attached press release (Exhibit 99.1) for any additional context on the leadership transition.
- Monitor future filings for any changes to the Company's financial reporting processes under the new Chief Accounting Officer.