Comerica Bank announced that Morgan Rector, President, Entertainment Group, and Regional Manager, Wealth Management – Ventura and Los Angeles County Region, will be named California Market President, effective April 13. Rector will succeed Judith (Judy) S. Love, California Market President, who plans to retire in June 2018.
Rector has more than 30 years' experience in financial services. He joined Comerica in 2001, when Comerica acquired Imperial Bank, and has led and grown Comerica's Entertainment Group since that time. In 2004, he also assumed the role of Regional Manager, Wealth Management – Ventura and Los Angeles County Region. Under Rector's leadership, Comerica's Entertainment Group has become one of the most significant film and production lenders in the world and leads many of the industry's larger credit facilities. In his Wealth Management role, Rector manages the Ventura and Los Angeles County Region, including Private Banking for the entertainment industry. Rector graduated with honors from Harvard University with a degree in Economics, and is actively involved in the community as a member of the Pepperdine University's Graziadio School of Business and Management's Board of Advisors. Rector is a California native, having grown up in Carson, Calif.
"Morgan's distinguished background, relational leadership style and deep connections within the California communities we serve will equate to a smooth transition to market president," said Love. "He is a well-respected leader at Comerica and embodies the bank's values. He will bring a tremendous amount of enthusiasm and experience to his new role, and will continue to grow Comerica's presence in California."
As California Market President, Rector will oversee all business and community development efforts of both Southern and Northern California, including management of Middle Market Banking and Technology and Life Science, as well as Wealth Management – Ventura and Los Angeles County Region and Comerica's Entertainment Group. Rector will report directly to Curt Farmer, President, Comerica Incorporated.
Love has enjoyed an impressive and tenured career at Comerica. She joined the company in 1982, and assumed the role of California Market President in 2013 and leader of Technology and Life Science nationally in 2016. During her 36 years at the bank, she has held positions with increasing responsibility, including President of Comerica Securities, Inc., oversight of Middle Market Banking – California and International Finance, as well as roles in investor relations, finance, treasury, real estate and purchasing. In 2016, Love was recognized among the Bay Area's Most Influential Women in Business.
"Judy will leave behind a remarkable legacy at Comerica," said Ralph W. Babb, Jr., chairman and CEO, Comerica Incorporated and Comerica Bank. "Her success as California Market President, as well as her role in leading Comerica's Technology and Life Science group, is something of which she should be very proud. We wish Judy the very best in her well-deserved retirement."