Magazine article American Banker

BB&T Promotes Execs to COO and CFO Roles

Magazine article American Banker

BB&T Promotes Execs to COO and CFO Roles

Article excerpt

Byline: Niamh Ring

John Allison's upcoming retirement from BB&T Corp. is prompting more reshuffling in the Winston Salem, N.C., banking company's executive suite.

The $137 billion-asset company on Thursday promoted chief financial officer Chris Henson to chief operating officer. He is to succeed Kelly King, 60, on Jan. 1 when Mr. King is slated to assume the chief executive title from Mr. Allison. Daryl Bible, Mr. Henson's assistant, is to become CFO on Jan. 1.

Mr. King has said he plans to be CEO for five years, but in an interview Thursday Mr. Henson, 47, warned against reading any sort of succession plan into the moves.

"Kelly will deal with that whenever it makes sense for him to. Right now, he's not even in the seat. Kelly is not by nature a caretaker; he's very much going to be an active CEO," said Mr. Henson.

"We have a very experienced team, an exceptional team, and we've got a number of qualified candidates to take on that role whenever it's appropriate," he added.

In August, when he was named Mr. Allison's successor, Mr. King said he would take a fresh look at acquisitions. The company had slowed its dealmaking pace in recent years, citing irrational pricing.

On Thursday, Mr. Henson said BB&T would look at deals that make sense in its footprint. The company has recently been mentioned as a possible bidder for BankUnited Financial Corp. in Coral Gables, Fla., a company burdened by exposure to option adjustable-rate mortgages. However, Mr. Henson declined to comment on whether BB&T would have any interest in the $14.2 billion-asset company were it for sale. BankUnited declined to comment.

BB&T has recently buttressed its capital levels, both under its own steam and with approval this week for $3.1 billion from the Treasury Department's Capital Purchase Program.

Its participation came despite strong objections to the original bailout plan by Mr. …

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