BB&T (BBT) will have seven new (sort of) faces on its board next year.
The Winston-Salem, N.C., company will expand to 19 directors from 15 and replace three retirees, it said this week. It will also revamp the board of Branch Banking and Trust Co., its largest subsidiary, so that it matches the parent company's board.
BB&T's retirement rules require three directors — J. Littleton Glover Jr., an attorney at Glover & Davis; Jane P. Helm, retired vice chancellor for business affairs at Appalachian State University; and Valeria Lynch Lee, a consultant — to step down this year.
It will fill the openings with members from the board of Branch Banking. They are: James A. Faulkner, I. Patricia Henry, Eric C. Kendrick, Louis B. Lynn, Edward C. Milligan, Charles A. Patton and Tollie W. Rich Jr. The changes take effect Jan. 1.
The Branch Banking board will be expanded to include other members of the parent company board, resulting in identical boards.
"Matching the membership of our two boards will give BB&T more flexibility and is in line with the structure of many of our peer banks," Kelly King, BB&T chairman and chief executive, said in a news release. "Both boards will benefit from the wealth of talent and experience provided by the new directors."
BB&T announced two other moves this week.
Rufus Yates, the president and chief executive of Scott and Stringfellow and manager of BB&T Capital Markets, and Cynthia Williams, the chief corporate communications officer, will join the 10 current members of the executive management team. The team sets policy and direction for the company.
And BB&T will split its executive and risk management committee into two separate entities. The move reflects the increasing importance of risk management and jibes with a proposal stemming from the Dodd-Frank Act that would require large bank holding companies to have stand-alone risk management committees.