Alan W. Ott will turn 65 in December, so he'll have to step down as chief executive of Michigan's Chemical Financial Corp.

It's his own fault. He set the rule, 23 years ago, and announced this week at the bank's annual meeting that he'd abide by it.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.