Like father, like son.
MidSouth Bancorp in Lafayette, La., has named Troy Cloutier, the son of Chief Executive Rusty Cloutier, to run its bank.
The $1.9 billion-asset company said in a press release Monday that the younger Cloutier will become CEO of MidSouth Bank on Nov. 1. He became the bank's president last year.
MidSouth said in the release that the move is tied to its "ongoing succession planning strategy," adding that Troy Cloutier "will assume more responsibility for managing the daily operations" at the bank. He joined the bank in 1992.
Rusty Cloutier will remain the company's president and CEO.
Troy Cloutier started taking on more responsibilities after Jerry Reaux, the company's vice chairman and chief operating officer, died unexpectedly from an illness in early 2014.
"Working under Rusty for the past 24 years has thoroughly prepared me for this very important role in guiding the future of our company," Troy Cloutier said in the release. "He has instilled in me … a strong work ethic, vision and a moral compass to always do what is right by our customers, shareholders and community. We are all immensely grateful for his strong leadership and look forward to a smooth transition for this new management structure."
"Time and again Troy has demonstrated outstanding leadership and excellent critical and strategic thinking," Will Charbonnet Sr., the bank's chairman, said in the release. "We have watched him grow into this role and are excited about the future of the bank under his guidance."