BB&T (BBT) in Winston-Salem, N.C., has given itself some breathing room for finding replacements for its board.
BB&T has raised the mandatory retirement age for directors by two years, to 72, the $183 billion-asset company disclosed in a regulatory filing Thursday. The changes were effective immediately.
The company disclosed in a proxy filing earlier this year that five of its 19 directors were between 68 and 70 years of age. Little Glover, Jane Helm and Valeria Lynch Lee all left the board earlier this year because of the previous retirement mandate.
Kelly King, BB&T's chairman and chief executive, will turn 65 in September. John Allison 4th, King's predecessor, is 64.