Capital One Names Centerview’s Crawford Next Finance ChiefElizabeth Dexheimer and Dakin Campbell
Capital One Financial Corp., the lender that gets more than half its revenue from credit cards, named Centerview Partners LLP co-founder Stephen S. Crawford to succeed Gary L. Perlin as chief financial officer.
Crawford, 48, joins the firm next week and will become its finance chief in May when Perlin, 61, retires, the McLean, Virginia-based company said today in a statement. He will be a member of the executive committee, reporting to Chairman and Chief Executive Officer Richard D. Fairbank. Crawford is slated to make $7.5 million this year in salary and bonus, pro-rated from his start date, according to a filing.
Crawford advised Capital One on strategic and financial decisions while at Centerview, the New York-based investment-banking boutique founded in 2006, according to the statement. He previously worked at Morgan Stanley in roles including CFO.
“Steve brings great experience and skills to the position,” Fairbank said in the statement. Crawford “knows our company, the industry and our management team well.”
Crawford will earn an annual base salary of $2.63 million, and be eligible for $1.13 million in cash bonus, and another $3.76 million in equity-based awards, according to a separate filing. Crawford will also receive shares on the day he begins work worth $9.8 million that will vest over the next five years and may not be sold until the award’s fifth anniversary, the filing said.
Centerview, whose clients also have included Ally Financial Inc. and Cisco Systems Inc., focuses on advising companies on mergers and capital structure. It’s been hiring amid pay cuts and firings at the bigger firms this past year.
Capital One posted a fourth-quarter profit on Jan. 17 that missed analysts’ estimates as the lender put aside more reserves to cover loan losses. Fairbank has spent more than $28 billion on acquisitions since 2005, including the purchase last year of HSBC Holdings Plc’s U.S. card business.
Capital One rose 0.3 percent to close at $56.50 in New York. The shares have slid 2.5 percent this year, the third-worst performer on the 81-company Standard & Poor’s 500 Financials Index.