Synovus Financial Corp. said Thursday that Kessell Stelling will remain president and chief executive, permanently succeeding Richard Anthony.
Stelling was named CEO on an interim basis in June after Anthony was diagnosed with a blood vessel disorder. Anthony will resume his duties as the $32.3 billion-asset Columbus, Ga., company's chairman. James Yancey, a former Synovus executive, had stepped in as chairman for the past three months.
"I am pleased with the progress of my recovery, but I believe it is a good time to make this transition," Anthony said in press release.
Stelling said in an interview after the announcement that a slower-than-expected recovery "accelerated" Anthony's thinking about succession. Anthony continues to make progress; he appeared at a Columbus Chamber of Commerce luncheon Thursday.
"It is a bittersweet moment for me," Stelling said. "He believed this was the right time to make the transition."
Stelling said his primary goal is ending what has been eight straight quarters of losses. "We have got to continue working through this credit cycle and hope trends continue like we've seen in prior quarters, he said. "We also have to stop the shrinkage in our balance sheet and start to play offense" by making more loans.
