CULLEN/FROST BANKERS ANNOUNCES TWO ADDITIONS TO BOARD OF DIRECTORS; AVERY TO RETIRE
Rhea-AI Summary
Cullen/Frost Bankers (NYSE: CFR) announced the election of two new directors, Marsha M. Shields and Jeff Rummel, and the planned retirement of director Chris Avery when his term expires in April 2026.
Shields is CEO and managing partner of McCombs Enterprises and holds several nonprofit and board roles. Rummel is a retired CPA who led Ernst & Young's San Antonio office and served as lead audit partner for financial services firms. Avery has served on the board since 2015 and is a licensed physician and chair of James Avery Craftsman.
Positive
- Added two experienced directors: Marsha M. Shields and Jeff Rummel
- Rummel brings 37 years of Ernst & Young experience and audit expertise for financial institutions
- Shields brings CEO-level operating experience across McCombs family businesses and nonprofit governance
Negative
- Board turnover: Chris Avery, a director since 2015, will retire in April 2026
News Market Reaction – CFR
In the Jan 30 session, CFR declined 0.68%, reflecting a mild negative market reaction. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
"We're glad to be able to add Marsha and Jeff to the board, and we look forward to the addition of their knowledge and experience," said Cullen/Frost Chairman and CEO Phil Green. "They're both longtime Texans with plenty of business and policy experience, and their perspectives will be of value as we expand our company."
Shields is the CEO and Managing Partner of McCombs Enterprises and oversees the Red McCombs family's core businesses, including Red McCombs Automotive Group, McCombs Energy Ltd. and McCombs Family Partners Ltd. She is also the president and director of the McCombs Foundation, Inc., a trustee of the Texas Biomedical Research Institute, and a member of the Board of Visitors of the University of Texas M.D. Anderson Cancer Center. She has served on the board of Clear Channel Outdoor Holdings. She holds a bachelor's degree from Duke University and completed an executive education program in accounting, finance, and business management from the University of
Rummel served as the managing partner of Ernst & Young's
The board also announced that Chris Avery, who has been a director since 2015, will retire from board service when his term expires in April of this year. Avery, a licensed physician and board-certified anesthesiologist, also serves as chairman and former CEO of James Avery Craftsman, Inc.
"We appreciate Chris's service on our board, which coincided with major initiatives like our organic expansion as well as critical situations like getting through the pandemic," Green said. "We all congratulate him on his well-deserved retirement."
About Frost:
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with
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SOURCE Cullen/Frost Bankers, Inc.