Centura Banks' New Chief Executive Forms Top-Level Team to Keep

Wasting little time after taking the top spot at Centura Banks Inc., chairman and chief executive Cecil W. Sewell has reorganized management at the Rocky Mount, N.C., company.

Mr. Sewell said recently that he had designated five executives to act as a "leadership team."

The team essentially becomes the No. 2 to Mr. Sewell, who retains the president's title, which he has held since 1993.

The five are:

Steven J. Goldstein, 45, a new hire from A.T. Kearney's financial institutions group. He has taken over the chief financial officer's role.

Frank L. Patillo, 54, the former CFO, who will now serve as vice chairman of Centura Bank.

William H. Wilkerson, 50, also a vice chairman of the lead bank, who will be responsible for credit risk management. Mr. Wilkerson previously held the title of group executive officer.

H. Kel Landis 3d, 40, another subsidiary vice chairman with responsibility for a new financial services group. He will oversee sales, service, marketing, and delivery for all Centura business lines. Previously, Mr. Landis was a group executive officer handling market management and service for the company's banking business.

B. Thomas Rogers Jr., 45, chief knowledge officer. Mr. Rogers was formerly director of information technology. In his new role he will handle information technology, operations, and direct delivery groups.

Mr. Sewell, 50, said in an interview that he did not appoint a single second in command because "one person would connote succession, and we're not ready to do that, by any means."

Centura, with assets of $6.3 billion, has been expanding its customer base with a series of acquisitions in North Carolina. It has also been increasing its investments in technology while aggressively pursuing supermarket branching.

However, these growth efforts have left the company with a bloated efficiency ratio of 65% and a need to turn its investments into increased revenues.

That is why the new management team is so important, Mr. Sewell said. The group will keep an eye on costs and insure that money is being well spent.

Harold Schroeder, a vice president and bank analyst with Keefe, Bruyette & Woods, said that executives at Centura "have been running the bank with the idea that you've got to spend money to make money."

"Now they're stopping to address that," he added.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER