Huntington Bank looked within its ranks to fill a position set to be open because of a retirement as the institution has promoted industry veteran Rich Porrello to president of its auto finance business.
Since 2010, Porrello has served as managing director of the auto finance division where he oversees day-to-day operations and 180 professionals serving nearly 4,500 dealerships across 23 states in the Midwest and New England. As president, the bank said Porrello will continue these duties as well as assume oversight of business strategy.
Porrello joined Huntington’s auto finance organization nearly 30 years ago and has held a variety of progressive leadership positions, including sales, credit administration, compliance, collections and underwriting. The business has grown to be one of the prominent finance companies nationally with an $11.6 billion portfolio that ranks 15th in origination production, according to recent Experian data.
“I’m honored for the opportunity to continue leading our auto lending business,” Porrello said. “We have built a best-in-class organization that has allowed us to serve more dealers and consumers than ever. Our mission will always be to help dealers sell cars and consumers buy them.”
Porrello’s promotion comes as Nick Stanutz, Huntington’s executive managing director of auto finance and commercial real estate, retires at the end of the year. Porrello and Stanutz have worked together closely for more than 25 years.
“Our auto lending business has prospered under Rich’s leadership, thanks to his vision, expertise and passion for dealers and consumers,” Stanutz said. “I can’t think of a better suited, more capable and customer-focused person to lead our organization. He’s grown up in the culture of our company and knows what matters most to our customers.”
Following Stanutz’s retirement, Porrello will report to Sandy Pierce, Huntington’s private client group and regional banking director.