Regions Financial Corp. (RF), the holding company for the Regions Bank, said Thursday that its president and chief operating officer Grayson Hall will replace Dowd Ritter as chief executive officer upon the latter's retirement on March 31, 2010.
Ritter will also step down from the post of chairman of the Birmingham, Alabama-based company's board of directors. Lead director Earnest Deavenport Jr. has been elected as non-executive chairman, effective March 31, 2010. Hall will retain the title of president and will continue to serve on the company's board. He joined Regions in 1980.
Deavenport said, "This is a part of our Board's succession planning. We thank Dowd for his years of service and his immeasurable commitment to the company."
Regions shares closed Thursday's regular trading session at $5.33, unchanged, but gained 5 cents in after hours trading.
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