8-K: Atlantic Union Bankshares Appoints Bradley S. Haun as Chief Risk Officer

Atlantic Union Bankshares Corporation announced Bradley S. Haun as the new Chief Risk Officer, succeeding Sherry Williams who will retire on July 1, 2025.

Summary

• Atlantic Union Bankshares Corporation has appointed Bradley S. Haun as its new Chief Risk Officer.
• Mr. Haun is succeeding Sherry Williams, who is set to retire on July 1, 2025.
• Sherry Williams is currently serving in an advisory role until her retirement.
• Bradley Haun has been with Atlantic Union since 2011, most recently as Executive Vice President and Chief Audit Executive.
• He previously held positions such as Director of Financial Reporting and Accounting Policy, and Corporate Controller.
• He was named Chief Audit Executive in 2021.

Sentiment

Score: 7

Explanation: The announcement is generally positive, highlighting a smooth transition in leadership and acknowledging the contributions of the outgoing officer. The appointment of an experienced internal candidate is also viewed favorably.

Positives

• Bradley Haun's appointment brings continuity and internal expertise to the Chief Risk Officer role, as he has been with Atlantic Union since 2011.
• Sherry Williams is assisting in the transition by serving in an advisory capacity until her retirement.

Future Outlook

The company is looking forward to Bradley Haun's leadership over its risk functions.

Management Comments

• Chief Executive Officer John Asbury stated that Sherry Williams was instrumental in building out the enterprise risk program.
• John Asbury thanked Sherry for her contributions and wished her well in retirement.
• John Asbury stated that Brad brings experience and proven leadership to the role and has built highly engaged teams.

Industry Context

In the banking industry, the Chief Risk Officer role is critical for managing regulatory expectations and ensuring the stability and compliance of the institution, especially as companies grow.

Comparison to Industry Standards

• Comparable companies like Truist, Capital One, and Bank of America also have dedicated Chief Risk Officers overseeing risk management frameworks.
• The appointment of an internal candidate like Bradley Haun is a common practice in the industry, as it ensures familiarity with the company's culture and operations.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment positively, as it ensures continuity in risk management.
• Employees may be impacted by the change in leadership within the risk management department.

Key Dates

Keywords

Chief Risk Officer, Atlantic Union Bankshares, Bradley S. Haun, Sherry Williams, Appointment, Retirement, Risk Management, Banking