LEAF Commercial Capital Inc. has announced that Miles Herman, formerly LEAF president and COO, is assuming the role of CEO, with former CEO Crit DeMent continuing to serve the company as chairman.

"It's been a privilege to work with Crit, as we've built LEAF from inception to now being part of the 11th largest bank in the country," Herman said. "Over and over again, Crit has earned his reputation as a leading figure in the equipment finance industry, and it will be my honor as the CEO to continue working with him to grow the company we created together."

Veterans of the industry for nearly 40 years, DeMent and Herman founded LEAF in 2001. In 2017, the company became a People's United Bank subsidiary, which was then acquired by M&T Bank in 2022.

"I've been incredibly fortunate to serve as LEAF's CEO since the beginning alongside Miles as COO," DeMent said. "Having worked closely with Miles for so many years, I know no one better equipped to continue moving LEAF forward. He has been instrumental in building LEAF into the company it is today. I couldn't be more pleased to hand the reins of CEO over to him while supporting his efforts by serving as LEAF's chairman."