Regions Financial (RF) is getting a new chairman.
The $121 billion-asset company based in Birmingham, Ala., said Thursday that Grayson Hall, the company's chief executive, will succeed Earnest Deavenport Jr. as chairman when Davenport retires on May 16.
Hall, 55, became CEO in March 2010 after holding a series of senior posts with Regions and its predecessor, AmSouth Bank, since 1980.
Deavenport, who served as a director for 11 years before being named chairman in 2010, previously served as chairman and CEO of Eastman Chemical Co. (EMN).
Regions gave Deavenport, 74, an exemption to serve as chairman for two years beyond the company's retirement age.
Deavenport guided Regions "through a tremendously difficult environment, and his vision has been integral to revitalizing our company for the benefit of our shareholders, our associates and the communities we serve," Hall said in a press release.
"I am proud to have been a part of Regions' remarkable recovery from the financial crisis over the last three years," Deavenport added.
Regions board also named Charles McCrary, a director and chief executive of Alabama Power, chairman of the board's nominating and governance committee and its lead independent director.