Succession planning

SouthState Corp. plans to purchase Independent Bank Group in a $2 billion deal, marking an end to the latter bank's long run of buying companies. Chairman and CEO David Brooks pointed to a challenging interest rate environment and heightened regulatory scrutiny as reasons he decided to sell.

The appointment of Lynne Biggio Herndon as chief credit officer marks the final step in the Phoenix-based bank's leadership reorganization.

Morais, who leads the auto lender's consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

Jane Fraser, a longtime Citigroup executive, will be the first female CEO of a major Wall Street bank. She succeeds Michael Corbat, who had held the post for eight years.

The hiring of Tim Wennes was one a series of leadership changes announced Wednesday by the holding company for the bank and the auto lender Santander Consumer.

Toyota Financial Services has promoted a company insider to replace Mike Groff, who is retiring at the end of this month.