Synovus (SNV) in Columbus, Ga., is planning to replace two directors and pursue a 1-for-7 reverse stock split.
The $26 billion-asset company disclosed in a preliminary proxy last week that James Yancey and J. Neal Purcell are leaving the board after reaching its mandatory retirement age of 72.
Yancey, a former Synovus president and chairman, is also chairman of the company's Columbus Bank & Trust. Purcell is a former vice chairman of KPMG.
Synovus nominated Tim Bentsen and Harris Pastides to succeed the retiring directors. Bentsen is a former audit partner and practice leader at KPMG. Pastides has been president of the University of South Carolina since 2008.
Shareholders will be asked at Synovus' annual meeting on April 24 to approve a reverse stock split. The company said in its filing that the split would make its stock, which closed Monday at $3.44 a share, a "more attractive investment for certain investors."