Regions Financial Corp. said Monday that Chief Financial Officer David Turner will retire on March 31 after 20 years with the company. Turner's successor is Anil Chadha, the controller and corporate treasurer of the Birmingham, Alabama-based regional bank.

"David has been a steady and trusted leader through some of the most critical moments in the company's history," CEO John Turner said in a prepared statement. "His financial acumen, integrity, and unwavering commitment to making sound strategic decisions leave a lasting legacy."

David Turner joined Regions in 2005 to lead the internal audit department and was promoted to CFO in 2010. According to his company profile, his financial career began 20 years earlier, with stints at KPMG and Arthur Andersen.

Regions praised the outgoing CFO in a press release for helping the company navigate turbulent times in banking, noting that his focus on effective capital allocation and prudent risk management was key to the bank's health and financial performance.

"Regions is well-positioned for continued success," David Turner said in a statement about his retirement. "I am pleased to pass the baton to Anil, a strong and capable leader whose deep expertise in finance and risk management—along with his strategic vision and passion for innovation—will serve Regions well in the years ahead."

Chadha joined Regions in 2011, having previously worked at Ally Financial, Wells Fargo, and Capital One. In his current role, he is responsible for managing financial reporting, accounting policies, and accounting operations, as well as all financial planning activities.

Previously, Chadha served as Regions' assistant treasurer, where he managed capital, funding, and liquidity, and led the bank's risk systems and analytics team, which was responsible for credit data reporting and analysis, and oversaw the allowance for credit losses as well as commercial real estate appraisals and evaluations.

Piper Sandler analyst Scott Siefers called Chadha a "great fit" for the role based on his experience. Siefers noted that David Turner was highly respected and that his position would be "a tough one for anyone to fill."

Chadha said he was "humbled and grateful" to succeed David Turner.

"It has been an honor to work with and learn from David, both professionally and personally," Chadha said in the press release. "He brings exceptional insight and sound judgment to every discussion while always offering thoughtful, people-first solutions."

The bank said Turner and Chadha will continue to work closely together through March.