Western Alliance Bancorp (NYSE: WAL) announced Tuesday that Kenneth A. Vecchione has been named President and Chief Operating Officer, according to Associated Press.
Vecchione has been a Director of Western Alliance since 2007 and recently left his previous position as Chief Financial Officer of Apollo Global Management LLC.
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Before joining Apollo in 2007, Vecchione was Vice Chairman and Chief Financial Officer of MBNA Corporation. Vecchione will assume operating responsibility for the Company’s five banking subsidiaries and its financial management.
Vecchione, who has served on the Board’s Compensation and Finance and Investment Committees, assumes his new position today.
In addition to his impressive management credentials, Vecchione serves as a director of Affinion Group, and is the Chairman of its Audit Committee. He also is a director of International Securities Exchange, Chairman of its Audit and Finance Committee, and a member of its Executive and Compensation Committees.
Western Alliance shares rose 22 cents, or 3.7 percent, to $6.15 at Tuesday’s close.
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