BB&T chief John Allison to retire
Washington Business Journal
BB&T Corp. Chief Executive John Allison will retire at the end of the year, with Chief Operating Officer Kelly King succeed him.
King also has been elected to the company’s board.
Allison’s decision to retire is the latest step in a five-year management-transition plan, BB&T says. The plan also involves the retirement of Chief Credit Officer Ken Chalk, whose last day at BB&T will be Friday.
“This is the next-to-last step in a systematic succession plan we’ve had in place for some time now,” Allison says. “But it’s still an announcement that comes with a lot of mixed emotions when you consider the integral role that BB&T has played in my life for nearly 40 years now.”
Allison will step down as chairman of the BB&T board at the end of 2009, though he plans to continue as a board member after that.
Winston-Salem, N.C.-based BB&T (NYSE:BBT) says it hasn’t yet decided on a successor to King.
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