Former MUFG Americas head tapped as next Va. finance sec

Stephen Emery Cummings, who retired in March as the president and CEO of Mitsubishi UFJ Financial Group (MUFG) in the Americas, has been chosen as Virginia’s next secretary of finance, Gov.-elect Glenn Youngkin announced Wednesday.

“Lowering taxes and restoring fiscal responsibility in Richmond is a primary focus of our Day One Game Plan, and Steve’s experience and expertise will help make sure we deliver real results for Virginians. Steve shares my vision of respecting Virginians’ hard-earned tax dollars and ensuring the commonwealth’s budget is managed effectively and efficiently, and he has the skillset and leadership qualities that our team needs to make Virginia the best place to live, work, and raise a family,” Youngkin said in a statement.

Cummings has a long resume in the area of investment banking, having also served as managing director and chairman of UBS’ American investment banking branch, Wachovia Corp.’s global head of corporate and investment banking, and chairman and CEO of Bowles Hollowell Conner & Co.

A graduate of Columbia Business School and Maine’s Colby College, Cummings was the first non-Japanese CEO for Mitsubishi’s American market upon his hiring in 2015, and he oversaw the U.S. businesses held by the Bank of Tokyo-Mitsubishi UFJ, as well as serving as a member of MUFG Union Bank’s board of directors. He has been based in New York.

Aubrey Layne, Virginia’s former secretary of finance, joined Sentara Healthcare as its senior vice president and chief of staff in July. Youngkin, a Republican, takes office Jan. 15, 2022.