Synchrony Financial (NYSE:SYF) CEO Margaret Keane will step down after nearly a decade of running the co-branded card lender.
The 61-year-old Keane — one of few women to head a Wall Street financial firm — will remain at the company as executive chair of the board, while Synchrony president Brian Doubles takes over as CEO. The move was part of a long-planned succession, Keane said, and will take effect April 1.
Keane helped take Synchrony public seven years ago as part of its separation from General Electric (NYSE:GM). She oversaw dozens of high-profile partnerships for the lender, including the Venmo credit card this year, as well as co-branded card deals with Amazon and Verizon.
"My legacy is really around the company that I built — it’s not just about the financials," Keane told the media. "GE had such a strong culture and way of doing things, and we had to really create our own identity."
The lender is best known for its co-branded deals with partners like Lowe’s (NYSE:LO) Sam’s Club and Amazon.com (NASDAQ:AMZN). It has more recently added more tech-focused companies like PayPal.(NASDAQ:PYPL) Synchrony has also doubled down on healthcare financing with Care Credit, and pet healthcare with an acquisition of insurance company Pets Best.
In the past decade under Keane’s leadership, Synchrony shares have gained roughly 60%.
The stock nosedived in March as fears about consumer credit during the pandemic rattled investors. Synchrony shares have returned 6% in the past 12 months, compared to an 18% return in the S&P 500.
The 45-year-old Doubles previously served as Synchrony’s executive vice president and chief financial officer, and was the CFO of GE’s North American retail finance business from 2009 to 2014.
SYF shares gained 31 cents to $36.60
Related Stories
