On Friday, Capital One Financial (NYSE:COF) announced that Chief Financial Officer Gary L. Perlin has decided to retire in May, to be replaced by new hire Stephen S. Crawford.

Crawford joins the company on Monday, under the title of chief financial officer designate. Perlin will remain CFO until on May 24, at which point Crawford will take the reins. He will then remain with the company in the capacity of senior advisor to the CEO through next Feb. 1.

Crawford is a founder and former partner at boutique investment banking firm Centerview Partners. Before this role, he served in a variety of senior positions at Morgan Stanley (NYSE:MS), including chief strategic officer, chief administrative officer, and, importantly, chief financial officer.

Once he has taken over as CFO, Crawford will be responsible for managing the bank's global finance team, overseeing financial strategy, planning, accounting and reporting, funding and treasury operations, corporate finance, and investor relations.  

Capital One shares reacted positively to the news Friday, rising 0.3% to close at $56.50.