F.N.B. Corp. in Hermitage, Pa., announced Friday that its president and chief executive, Stephen J. Gurgovits, will step down Dec. 31, 2008.
The $5.8 billion-asset company also said it had created a committee to begin a search for his successor.
Mr. Gurgovits, 63, has spent his entire banking career at F.N.B. and its subsidiary, First National Bank of Pennsylvania. He joined the bank in 1961 and was its president and CEO for 16 years before being named president and CEO of the holding company in January 2004.
The company said he will remain a member of its board after he retires and continue to be chairman of First National Bank. He will also be a part-time consultant to F.N.B.
Mr. Gurgovits said the company decided to make the announcement 30 months in advance to give the board "adequate time to identify the best person and to facilitate a seamless transition."
