This excerpt taken from the STI 8-K filed Nov 14, 2006.
Next Generation of Executive Leadership
James M. Wells III, SunTrust President, to Succeed Humann as CEO
ATLANTA L. Phillip Humann, Chairman and CEO of SunTrust Banks, Inc. (STI-NYSE) announced today that James M. Wells III, the Companys President and Chief Operating Officer, will succeed Mr. Humann as CEO effective Jan. 1, 2007, as the Company puts into place its next generation of executive leadership. Mr. Humann, 61, remains Chairman of the Board.
In his new role, Mr. Humann, who has been CEO since March 1998, will focus primarily on board matters and certain industry and community-related activities. As President and CEO, Mr. Wells, 60, will assume executive management responsibility for SunTrusts overall business operations and financial performance. He was also elected to the Companys Board of Directors, effective immediately, where he will serve as Chairman of the Executive Committee.
Reporting directly to Mr. Wells will be SunTrusts senior executive leadership team, which includes:
This long-planned transition reflects the priority we place on executive talent management and succession planning at all levels of the Company, said Mr. Humann. As we put in place the next generation of leadership at SunTrust in general, it is timely to clarify CEO succession plans in particular given the confluence in age of SunTrusts top three executives. (As noted, Mr. Humann is 61; Mr. Wells and SunTrust Vice Chairman Bill Reed are both 60).
Over the past nine years, we have balanced an emphasis on delivering consistently strong financial results with making sure SunTrust has the people, products, technology and business capabilities necessary to compete effectively in the future, added Mr. Humann. SunTrust today is in excellent shape. I can think of no one better suited than Jim Wells to sharpen our focus, intensify our efforts and move us to new levels of growth and performance as we look out to the coming years.
Mr. Wells came to SunTrust with the 1998 acquisition of the former Crestar Financial Corporation, where he was President, following a 30-year career at the Richmond, VA-based institution. He was named a Vice Chairman at SunTrust in 2000 and to his present post in 2004. Mr. Wells is currently responsible for the Companys five key lines of business Retail Banking, Commercial Banking, Wealth & Investment Management, Mortgage and Corporate & Investment Banking as well as its Geographic Banking organization and Technology and Operations, Sales, and Marketing units.
Under Phil Humanns successful tenure as CEO, despite economic cross-currents, industry pressures and challenges in the operating environment, SunTrust has consistently delivered well against the needs of our shareholders, our customers, our employees and the communities in which we operate, said Mr. Wells. I look forward to building upon the platform Phil has established as we take advantage of the growth opportunities we see in the years ahead.
During the time Mr. Humann was CEO, SunTrusts assets increased from $60 billion to over $183 billion, accompanied by solid earnings growth and industry-leading credit quality. The Companys geographic footprint was extended via acquisition into the Mid-Atlantic region, the Carolinas and new high-growth markets in Florida and Tennessee. Its business line, product and sales capabilities were significantly enhanced. And SunTrust moved from its historical structure of 28 separately chartered banking units to a unified one-bank platform.
I am particularly pleased, Mr. Wells added, that SunTrust will continue to benefit from Phils experience, wisdom and unique perspectives on our Company and our industry.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nations largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2006, SunTrust had total assets of $183.1 billion and total deposits of $124.4 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services. SunTrusts Internet address is suntrust.com
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