CommunityOne Bancorp in Charlotte, N.C., has combined the roles of president and chief executive in an effort to trim operating expenses.
The $2 billion-asset company said in a press release Friday that current CEO, Brian Simpson, will leave at the end of the month. CommunityOne's president, Bob Reid, will succeed Simpson.
"As the board began its 2015 strategic planning process, the need to reduce operating expenses to levels consistent with the company's peers was an obvious focus," Chan Martin, CommunityOne's chairman, said in the release. "Management presented various alternatives including consolidation at the executive management level. The board supported the recommendation and it asked Bob to lead the consolidation."
Reid and Simpson joined CommunityOne in 2011 after working with the company as independent consultants for 18 months, a bank spokeswoman said. Simpson will remain with CommunityOne as a consultant for up to two years.