Middleburg Financial in Virginia, which recently faced criticism from its biggest investor, has a new chairman.

The $1.3 billion-asset company said in a press release Thursday that John Lee IV has succeeded Joseph Boling, who became chairman emeritus.

Lee, 59, said in the release that he would continue to work on the board to drive profitability, improve efficiency and manage risk. Lee, who joined Middleburg's board in 2006, founded Lee Technologies, a service provider for data centers for large companies and government agencies. He sold the technology firm to French energy management conglomerate Schneider Electric in 2011.

Middleburg in May re-elected all 12 directors to one-year terms despite objections from David Sokol, chief executive of Teton Capital in Jackson, Wyo. Sokol, who owns about 30% of Middleburg's stock, had called on Middleburg to sell itself.

Boling, 72, was Middleburg's CEO from 1993 to 2010. He had been on the board since 1993, becoming chairman four years later.

"With the company on strong financial and operational footing and poised for continued value creation, I feel that now is the right time for me to retire," Boling said in the release.

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