BIRMINGHAM, Ala. (AP) - The chief executive officer of Regions Financial Corp., Dowd Ritter, says he will retire on March 31, 2010.
The Regions board of directors on Thursday elected President Grayson Hall to replace the 62-year-old Ritter. Regions is Alabama's largest bank.
Ritter said he decided to announce his retirement because Regions is performing well in terms of new accounts and customer satisfaction. He said he also feels the economy is beginning to improve.
"Regions is performing well despite the economic downturn both in terms of record new accounts and all-time high customer satisfaction," said Ritter, 62. "With our associates performing at a high level and signs that the economy has begun to improve, I thought it was an appropriate time to retire. Grayson has played a key role in our reaching that level of performance, and under his leadership it is well-positioned to continue to grow," Ritter said.
The board Thursday also elected lead director Earnest Deavenport Jr. to be non-executive chairman.
Ritter has been CEO of Birmingham-based Regions since the merger with AmSouth Bancorp in 2006. Ritter had been AmSouth's CEO.
PHOTOS SOURCE: Region's Bank