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BB&T's Allison to retire at year's end
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Published: August 27, 2008
Updated: 08/27/2008 10:58 am
John Allison, the long-time chairman and chief executive of BB&T Corp., said today that he plans to retire as chief executive on Dec. 31.
Allison, 60, also plans to retire as chairman on Dec. 31, 2009.
Allison is the longest - serving chief executive at the 25 largest financial holding companies in the nation, according to BB&T. Allison has served as BB&T's chairman and chief executive for more than 19 years and has been with the bank for 37 years.
The board of directors unanimously voted on Kelly King, the bank's chief operating officer and a long-time BB&T executive with Allison, as chief executive and president upon Allison's retirement. King, 59, also was elected to the board. He has been a member of BB&T's executive-management team since 1983.
The bank said that Allison's retirement decision is "the latest step in a five-year executive-management transition plan at BB&T" that began in 2003.
As part of the plan, six officers have joined the executive team, and four others have retired or announced pending retirements, including Allison and Ken Chalk, whose last day as BB&T's chief credit officer is Friday.
"This is the next-to-last step in a systematic succession plan we've had in place for some time now," Allison said in a statement.
Allison said he plans to continue to serve on the BB&T board after he retires as chairman.
"But it's still an announcement that comes with a lot of mixed emotions when you consider the integral role that BB&T has played in my life for nearly 40 years now," Allison said.
"Kelly has been involved in every significant strategic decision we've made at BB&T for over 25 years. He is a proven leader and firmly committed to BB&T's culture and vision and the corporate values that have made us successful. He will do an outstanding job as CEO."
King said in a statement that "BB&T will continue in the same strategic direction" after he becomes chief executive.
"There is no reason to change course," King said. "Our mission, service culture, operating strategy and values have only been reaffirmed during the current down cycle in the economy.
"BB&T's best days have always been ahead of us. We will continue to execute on our vision of creating the best financial institution possible.
"I respect and appreciate the phenomenal job that John Allison has done in leading our company the past 20 years," King said. "I have mixed feelings because we've worked so closely together for so many years and I've truly enjoyed our relationship. But I'm also happy for John and his family. He's still young and healthy and will have the time now to pursue interests that are very important to him."
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