Regions Financial Corp. (RF) said Thursday that president and CEO Grayson Hall has been elected by the company's Board of Directors to succeed Earnest Deavenport Jr. as chairman of the board, effective May 16.
Deavenport, 74, who previously received an exemption to serve beyond the company's mandatory retirement age, will retire from the Regions Board on the eve of the company's 2013 annual meeting of stockholders. He has served as a director since 1999 and assumed the position of non-executive chairman in 2010.
Hall, 55, has served as Regions' president and CEO since March 2010. He was elected vice chairman and a member of the Boards of Directors of Regions Financial and Regions Bank in 2008.
The company's board has also elected Charles McCrary, chief executive officer of Alabama Power Co., as chairman of the Nominating and Corporate Governance Committee effective May 16. In that capacity he will also serve as the Board's Lead Independent Director.
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