Regions Financial in Birmingham, Ala., should save some money after deciding against filling a soon-to-be-vacant executive post.
The $119 billion-asset company said in a press release Wednesday that David Edmonds will retire as chief administrative officer, effective Sept. 2. Edmonds, who will also step down from Regions' executive council, will remain at the company through March 2015 to assist with moving duties to other executives.
Regions said it will not fill the post that Edmonds is vacating. The company did not disclose any cost savings, though Edmonds was paid a $597,000 salary and received a $766,000 cash incentive for 2013, according to Regions' proxy statement filed earlier this year.