Synchrony Financial CEO to transition to executive chair

Synchrony Financial CEO Margaret Keane will transition to the role of executive chair of the board.

The company also announced that its board elected President Brian Doubles to become president, CEO and board member. As part of this transition, Synchrony's current Chairman Richard Hartnack will retire from the board.

Synchrony also said that Jeffrey Naylor will become lead independent director. Naylor has served on the board since 2014.

All changes will take effect April 1.