Keane stepping down as CEO of Synchrony, praises successor

STAMFORD — Synchrony, the largest issuer of private-label credit cards in the U.S., announced Tuesday that Chief Executive Officer Margaret Keane will be succeeded as CEO by its president, Brian Doubles, as she becomes the firm’s executive chairwoman.

Keane, 61, led the formation of Stamford-based Synchrony when it held its initial public offering and spun off from GE in 2014. One of the few women to lead a Fortune 500 firm, Keane has overseen a number of major initiatives in the ensuing seven years as it grew into one of the largest companies in consumer financial-services.

Doubles, 45, a Westport resident, has served as president since 2019 and will continue to hold that title. He previously served several years as chief financial officer.

“I am incredibly proud of the great business, culture and company we have built at Synchrony. We weathered a challenging operating environment this past year, which is a testament to our bestin-class team,” Keane said in a statement. “With Synchrony in a position of strength, now is the right time to begin this planned leadership transition. Brian has helped build this company every step of the way and is the natural successor to advance our progress and lead Synchrony through the next stage of our journey.”

As part of the transition, Doubles will join the board of directors. Current board chairman, Richard Hartnack, 75, will retire after six years. In addition, Jeffrey Naylor, 62, a board member since 2014, will become its lead independent director.

“I could not be more excited to succeed Margaret and become the next CEO of Synchrony,” Doubles said in an interview. “I’m truly honored to lead the company into the next chapter. We’re building off a strong foundation.”

All the executive and board changes take effect April 1.

As executive chairwoman, Keane will lead the company’s board and work closely with Doubles and the rest of Synchrony’s executive leadership team. She will also continue to represent the company and interact with key stakeholders to help advance its mission, according to company officials.

Before becoming Synchrony CEO, she worked 18 years at GE Capital, where she led its retail card platform.

“As a close partner, Brian was integral in developing and executing our strategy, as well as building our values and culture,” Keane said. “It has been the privilege of my career to lead the 16,500 dedicated employees who have built Synchrony into an industry leader — and importantly, a uniquely diverse and caring company. I look forward to working with Brian through this transition and continuing to support Synchrony’s growth and future success as executive chair.”

Synchrony ranked as the No. 170 company on the 2020 Fortune 500 list. It has more than 75 million active customer accounts and $ 65 billion in deposits.

The company’s consumer-finance businesses encompass three sales platforms: retail cards; CareCredit for health and beautyrelated transactions; and Payment Solutions, which offers promotional financing for major consumer purchases. In addition, its Synchrony Bank offers Federal Deposit Insurance Corp.-insured savings products.

It is headquartered at 777 Long Ridge Road, near the Merritt Parkway. It comprises one of the largest employers in Stamford, with about 700 locally based employees.

Keane