COLUMBUS, Ga. - Synovus (NYSE:SNV) Financial Corp. (NYSE:SNV), a Georgia-based financial services company, has announced the promotion of Anne Fortner to Executive Vice President, Chief Credit Officer, effective March 31, 2025. Fortner, who is currently serving as Senior Vice President and Deputy Chief Credit Officer, will succeed Bob Derrick upon his retirement.
Fortner's elevation to this role comes after nearly two decades of service at Synovus, where she has held various leadership positions and played a pivotal role in enhancing the company's credit risk management programs. Her promotion is part of a planned leadership transition, with Derrick set to retire after a career spanning more than 20 years at Synovus, including his tenure as Chief Credit Officer since 2019.
In her new position, Fortner will be responsible for leading the credit organization, maintaining the asset quality of the balance sheet, and overseeing the administration of loan policy and governance processes. Her role will be integral to implementing strategies that align with Synovus' enterprise objectives, as well as adapting to market trends and conditions to guide the company's credit practices.
Throughout her career with Synovus, Fortner has been recognized for her strategic acumen and leadership skills. Shellie Creson, Executive Vice President and Chief Risk Officer at Synovus, commended Fortner's deep industry experience and her role in driving the company's growth agenda forward.
Derrick's legacy at Synovus is marked by leading the credit organization through a significant phase of asset growth expansion, reflecting his focus on shareholder and client interests. Creson praised his leadership and contributions to the company.
Synovus, with approximately $60 billion in assets, offers a range of financial services, including commercial and consumer banking, wealth services, and more. The company operates branches across the Southeastern United States and is recognized as a Great Place to Work-Certified Company.
This leadership change announcement is based on a press release statement from Synovus Financial Corp.
In other recent news, Synovus Financial Corp reported strong Q3 earnings, with GAAP earnings per share of $1.18 and a 6% sequential rise in adjusted diluted EPS to $1.23, due to stronger net interest income and lower credit loss provisions. The company also completed approximately $100 million in share repurchases during the quarter. In terms of analyst updates, RBC Capital Markets maintained an Outperform rating on the company's shares, revising the price target to $57.00. Citi analyst Benjamin Gerlinger also raised the price target for Synovus to $59.00, maintaining a Buy rating.
Synovus has announced a $500 million offering of senior notes due in 2030. The proceeds from the offering will be allocated towards general corporate purposes, potentially including repayment of existing debt. The public offering involves active joint book-running managers BofA Securities, Inc. and Morgan Stanley (NYSE:MS) & Co. LLC, with Synovus Securities, Inc. serving as the passive book-running manager.
These recent developments reflect analysts' confidence in Synovus' financial performance and strategic direction. For Q4, Synovus provided an adjusted revenue guidance of $560 million to $575 million, anticipating a stable net interest margin. The company's strategic focus is on organic growth rather than acquisitions in the current market environment.
InvestingPro Insights
As Synovus Financial Corp. (NYSE:SNV) prepares for this significant leadership transition in its credit department, recent financial data and market performance provide additional context for investors.
According to InvestingPro data, Synovus has demonstrated strong market performance, with a remarkable 123.37% price total return over the past year. This impressive growth is further supported by a 50.73% price total return over the last six months, indicating sustained positive momentum. The company's stock is currently trading near its 52-week high, with its price at 97.46% of the highest point reached in the past year.
InvestingPro Tips highlight Synovus' commitment to shareholder value. The company has maintained dividend payments for 51 consecutive years, showcasing its financial stability and dedication to returning value to shareholders. This long-standing dividend history aligns well with the company's focus on shareholder interests, as mentioned in the context of Bob Derrick's tenure.
Additionally, InvestingPro Tips reveal that 8 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations for Synovus' financial performance. This optimism could be related to the company's strategic leadership decisions, including the promotion of Anne Fortner to Chief Credit Officer.
It's worth noting that Synovus currently has a P/E ratio of 26.35, which investors may want to consider in light of the company's growth prospects and market position. The company's market capitalization stands at $8.25 billion, reflecting its significant presence in the financial services sector.
For those interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for Synovus Financial Corp., providing deeper insights into the company's financial health and market position.
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