CAB Financial in Spartanburg, S.C., has lined up its next CEO.
The $686 million-asset company said in a press release Tuesday that John Kimberly will become its CEO on Jan. 1. He will succeed John Poole, who is retiring but will remain a consultant through June 2019.
Kimberly is president of CAB and unit Carolina Alliance Bank.
Poole, who helped found Carolina Alliance in January 2007, will remain on the company’s board.
Kimberly “is a proven leader and his performance has been stellar since joining Carolina Alliance in 2014,” Terry Cash, CAB’s chairman, said in the release. “This announcement is part of a long-planned transition for John Poole and his family that began at the beginning of this year when John Kimberly was appointed as [CEO] of the bank.”
Kimberly was president and CEO of Forest Commercial Bank in Asheville, N.C., which CAB bought in 2014. He has more than 30 years of banking experience, including serving as market president in western North Carolina for SunTrust Bank.
“To say that John Poole has been a tireless leader for our company is an understatement,” Cash said. “However, we are fortunate to have someone of John Kimberly’s caliber and a deep management team extant in the company to assure a seamless transition.”