""SunTrust Banks, Inc."":https://www.suntrust.com/, has announced a new chairman for its board of directors, naming the company's president and CEO to the position. William H. Rogers, Jr., who has served as president and CEO of SunTrust since June, will take over as chairman of the board on January 1, 2012.[IMAGE]
Rogers will replace executive chairman James. M. Wells III in the role, following Wells' previously scheduled retirement from the board of directors and the company on December 31. Wells leaves SunTrust after 43 years with the financial institution, and in addition to heading up the entity's board of directors, Wells operated as the chairman and CEO for SunTrust for three years prior to assuming responsibilities as executive chairman in June.
Upon his ascension to chairman of the board, Rogers will take over executive management duties for SunTrust's strategy,[COLUMN_BREAK]
business operations, and financial performance. Rogers' updated position will also encompass oversight of all business related to the board of directors.
Speaking out on Rogers' succession, Wells noted, ""Today's announcement concludes a long-planned succession process that began with our smooth transition of CEO responsibilities to Bill Rogers in June 2011. Bill is a seasoned and highly effective leader, with a deep understanding of our Company and the industry.├âÔÇÜ├é┬á I can attest that he lives the values and mission of SunTrust in every interaction.""├âÔÇÜ├é┬á
Rogers echoed Wells' sentiments, saying of his appointment as chairman, ""The past several years in banking, and in the industry and economy overall, have presented some of the most challenging financial operating conditions in our nation's history. Despite those realities, our Company has not only persevered, but grown - and honored our commitment to our clients, shareholders, communities and teammates.├âÔÇÜ├é┬á Those achievements are tangible demonstrations of Jim Wells' leadership skills and personal character, and have contributed immeasurably to the strengthened financial performance we see today.""
Atlanta, Georgia-based SunTrust serves clients in the consumer, commercial, corporate, and institutional sectors, and the bank boasts total assets of $172.6 billion, along with deposits of $126.3 billion as of September. The company's subsidiaries provide mortgage banking, insurance, brokerage, investment management, equipment leasing, and investment banking services to a variety of customers.