John Kanas to Step Down as BankUnited CEO, Replaced by SinghBy
John A. Kanas, who rebuilt BankUnited Inc. in the wake of the financial crisis, plans to step down as chief executive officer at the end of the year to be succeeded by Rajinder P. Singh, the lender’s current operating chief.
Kanas will remain chairman, the Miami Lakes, Florida-based bank said Wednesday in a statement. Thomas Cornish, president of the Florida region, will replace Singh as chief operating officer.
“Raj has been a proven partner of mine, and I am excited about and proud to see him step into his new role,” Kanas said in the statement.
BankUnited’s assets doubled under Kanas to $26.3 billion by the end of last year. The 69-year-old rose to fame in the community banking world for selling North Fork Bancorp to Capital One Financial Corp. for more than $13 billion in 2006.
BankUnited’s stock has declined 11 percent this year, compared with the 3.7 percent increase for the Russell 1000 Financial Services Index.