Towne Bank (TOWN) Announces CEO Transition
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TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) announced today that J. Morgan Davis, a founding member of the Company and current Chief Executive Officer, plans to retire in 2022. In order to ensure a smooth and orderly transition process, Mr. Davis intends to remain in his current position until the appointment of his successor and will help with the transition as necessary, after which he will serve as a senior advisor to the Company.
Mr. Davis has held a variety of key leadership roles at the Company since its founding in 1999, and served as President from 2011 through 2021, and as Chief Executive Officer since 2018, a position he will continue to hold until his successor is appointed.
“Morgan has played an instrumental role in the launch and steep growth trajectory of Towne into the $16 billion asset company it is today,” said G. Robert Aston, Jr., the Company’s founding Chairman and Chief Executive Officer and current Executive Chairman. “His impact on the success of Towne as well as his contribution to the personal and professional success of so many of our Towne family members, including most notably my own, is simply beyond measure.”
Mr. Davis added, “Helping start and grow Towne over the past 23 years has been an incredibly satisfying and exciting journey. I cannot thank enough all of my Towne family and the many members of the communities we serve who have helped me in this most wonderful time of my life. Most especially, I thank my friend Bob Aston who always brings out the very best in those around him. I look forward to watching our amazing team continue our mission of serving others and enriching lives.”
Consistent with the Company’s management succession plan, its Board of Directors is leading the succession planning process and has formed a management succession committee. In addition to directing the search for Mr. Davis’ successor, the committee has been tasked with conducting a comprehensive review and assessment of the Company’s long-term management succession plan for its senior leadership management structure. Mr. Aston added, “Our Towne family is blessed to have an extraordinary group of leaders throughout the Company. As with any team, it is simply a matter of matching the right talent with the appropriate role.”
To ensure a high level of executive management continuity, the Company also reported that Mr. Aston has re-affirmed his intent to continue to serve as Executive Chairman of the Company for the remaining three-year term of his employment agreement.
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