SunTrust Banks Inc. said that L. Phillip Humann will retire as its chief executive Jan. 1, and that James M. Wells 3rd, its president and chief operating officer, will succeed him.
Mr. Humann, 61, will remain the $183 billion-asset Atlanta company's chairman. Mr. Wells, 60, is expected to join the board and become the chairman of its executive committee.
In a press release Tuesday, Mr. Humann said the announcements were part of a "long-planned transition" for the company. "As we put in place the next generation of leadership at SunTrust in general, it is timely to clarify CEO succession plans in particular given the confluence in age of SunTrust's top three executives."
William Reed, SunTrust's vice chairman, is 60.
Mr. Wells was named the president and COO in 2004 and given oversight of SunTrust's five major lines of business.
Barry Koling, a SunTrust spokesman, said there is "no magic to the timing" of the announcements, except that Mr. Humann wanted to "head off unwarranted speculation" about his successor.
Mr. Koling also said that Mr. Wells is prepared to be the CEO for at least five years, to provide more time for "further succession planning."
