KLC Financial announced that CEO Spencer Thomas has stepped down after nearly 25 years of leadership with the company. Thomas has played a defining role in KLC Financial’s growth and success for more than two decades, helping lead the company through significant expansion while preserving the relationship driven culture it was built on. Under his leadership, KLC has grown into a nationally recognized equipment finance company known for its long-term partnerships with customers, vendors, and capital market partners across the country.
“It has been an incredible privilege to lead KLC for so many years,” said Thomas. “I am deeply grateful for the people I have had the opportunity to work alongside and for the relationships that have shaped this company over the years. KLC has always been about people first, and I am proud of what we have built together. The time feels right for me personally, and I have complete confidence in Shannon and the leadership team as they guide KLC into its next chapter.”
KLC Financial also announced that Shannon Smith CLFP, has been named Chief Executive Officer, effective immediately. Thomas will remain involved during the transition period to support a smooth handoff for employees, customers and partners.
Smith served as Chief Credit Officer at KLC Financial and has been with the company for more than 18 years. Throughout his tenure, he has held multiple leadership roles across credit and operations, working closely with the sales team, capital markets partners, and executive leadership to help shape the company’s strategy, structure transactions and support long term growth.
“I am honored to step into this role and build on the strong foundation Spencer has created,” said Smith. “KLC has always been a company built on trust, relationships, and doing the right thing for our customers and partners. That will not change. We have an exceptional team, a strong culture, and a clear path forward, and I am excited for what is ahead.”
The leadership transition reflects KLC Financial’s long-standing commitment to developing talent from within and maintaining a consistent direction for the company. Backed by more than 38 years in the equipment finance industry, KLC remains focused on building long term relationships and delivering flexible financing solutions to businesses across the United States.
As part of Gulf Coast Bank & Trust, KLC Financial continues to operate with strong backing while maintaining the culture, responsiveness, and relationship-based approach that have defined the company for decades.
Thomas will continue to support the company during the transition and will remain an important part of the KLC community moving forward.
“This is a meaningful moment for KLC,” Thomas added. “We have a strong leadership team, a clear vision for the future, and a culture that will continue to serve this company well. I am grateful to have been a pivotal part of KLC’s story, and I am excited to see what comes next.”