BB&T, a North Carolina-based financial institution, has appointed its CEO Kelly King as a chairman of the board. His appointment is effective from January 1, 2010. Mr King succeeds John Allison, who has served as chairman since 1989. However, Mr Allison will continue to serve on the 18-member BB&T corporate board.
Mr King stepped into the chief executive’s role in January. During the year, he has led BB&T to pass the federal government’s original stress test for capital strength and to exit the government’s Troubled Asset Relief Program. Under Mr King’s leadership, BB&T also acquired Colonial Bank in a FDIC-assisted acquisition.
Mr Allison said: “Mr King has done an outstanding job as CEO in a very challenging environment. We have worked closely together for 37 years. As chairman, I am confident he will provide strong and objective leadership to the board based on a deep understanding of BB&T’s values, philosophy and strategies.”
Mr King said: “It is a distinct honor to be elected to serve as chairman and to succeed Mr Allison. BB&T’s strength today is a testament to his phenomenal leadership in this role for 20 years. I look forward to working closely with Mr Allison and other board members as we continue to execute on our vision of creating the best financial services institution possible.
