As Live Oak Bancshares looks to continued diversification of products, services and industries served, it has announced the hiring of a new chief financial officer to oversee the burgeoning company.
William C. (BJ) Losch III will become CFO of both the company and its subsidiary, Live Oak Bank, on Sept. 1, according to a news release Wednesday. He will join the company Aug. 1.
“Losch brings a wealth of experience as Live Oak continues to expand into new industries, products and solutions to support its growing customer base,” the release stated. “As CFO, he will be responsible for the overall financial management of the company, including treasury and accounting functions, investor relations, and will oversee strategy and corporate development across the company, including strategic oversight of Live Oak Ventures, the venture arm of Live Oak.”
Losch will succeed Brett Caines, who has served as Live Oak’s CFO since 2011 and as a finance officer for more than three years previous to that. Caines will remain at Live Oak in a “senior position to focus on strategic development goals,” according to the release.
The new officer will add another layer of “remarkable talent” to the company, Live Oak Chairman and CEO James (Chip) Mahan said in the release.
“BJ will help us continue our mission to be America’s small business bank, and we look forward to furthering the successful legacy Brett Caines built as we fundamentally change our industry for the better.”
Losch is a 12-year veteran of First Horizon Corp., where he was senior executive vice president and CFO. He led the financial activities of the Memphis, Tennessee-based regional banking and financial services company. Among those activities were treasury, accounting, controls, tax, financial planning, strategic planning, investor relations and corporate development/mergers and acquisitions.
Prior to his time at First Horizon, Losch held senior roles at First Union and Wachovia banks. He has been voted one of the industry’s best CFOs in Institutional Investor Magazine’s All-America Executive Team rankings, the release stated.
Losch said he looks forward to his new role at Live Oak.
“The Live Oak mission is clear, the opportunity is tremendous, and the culture is extraordinary,” he said in the release. “I am excited to join the Live Oak team at this time and be part of the revolutionary model being built that will continue to redefine the future of banking through innovation and technology.”