KLC Financial names Smith CEO as Thomas steps down
Smith has held several management roles at company
KLC Financial announced that Chief Executive Spencer Thomas has stepped down after nearly 25 years leading the company, with Shannon Smith named as his successor effective immediately.
Thomas helped guide the Minnetonka, Minn.-based equipment finance company through significant growth, building a national presence and maintaining its culture, according to an April 13 KLC release. He will remain involved during the transition.
Smith has been with KLC for more than 18 years and most recently served as chief credit officer. He has held leadership roles across credit and operations, working closely with sales teams, capital markets partners and executive leadership.
The leadership transition reflects KLC’s focus on internal talent development and continuity in its business approach, according to the release. The company was founded in 1987.
KLC Financial is a subsidiary of Gulf Coast Bank & Trust and maintains a relationship-based approach to financing, backed by its parent company, according to the release.
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