Kelly S. King, chief executive officer, BB&T Corporation. (PRNewsFoto/BB&T Corporation)
WINSTON-SALEM, NC UNITED STATES
John A. Allison, CEO and chairman, BB&T Corporation. (PRNewsFoto/BB&T CORPORATION)
WINSTON-SALEM, NC UNITED STATES
WINSTON-SALEM, N.C., Jan. 2 /PRNewswire-FirstCall/ -- A new chapter in the
storied 137-year history of BB&T Corporation (NYSE: BBT) began today as Kelly
S. King assumed the helm as the financial services company's chief executive
officer.
King succeeds former Chief Executive Officer John Allison, who retired
Dec. 31, 2008, after 19 years as CEO. Allison will continue to serve as
chairman of the board until the end of the year.
The 60-year-old King, who began his career at BB&T in 1972, steps into the
chief executive's role with the nation mired in the worst economic crisis
since the Great Depression.
"If you're someone who relishes a challenge, then you certainly couldn't
ask for a better time to assume the role as CEO of a major financial services
company than right now," King said.
"We've got a tremendous amount of work to do in incredibly trying times,
but I firmly believe that BB&T is poised - probably as well as any other
financial services company in the country - to come out on the other side of
this recession in a very favorable position. I honestly believe this company's
best days are ahead of us."
King pointed to evidence of the company's overall good health, including
last year's decision to increase its shareholder dividend for the 37th
consecutive year; disciplined lending standards; new clients bringing new
deposits; and a balance sheet unmarred by toxic loans that continue to beset
other banks.
Still, King admitted that 2009 will be the most challenging year for BB&T
and the industry since the 1930s, with continuing margin pressure, and
mounting problems in the residential mortgage industry.
King said the company will focus on four primary areas this year under his
leadership: Continuing to work through the credit crisis, revenue growth,
client service quality and expense control.
He said BB&T will continue in the same "strategic direction" now that he's
CEO. "There is no reason to change course. Our mission, service culture,
operating strategy and values have only been reaffirmed during this yearlong
recession. We will continue to execute on our vision of creating the best
financial institution possible."
The Raleigh, N.C., native had previously served as chief operating officer
since 2004. As an executive management team member since 1987, King has been
an instrumental figure in BB&T's transformation into one of the largest - and
highest performing - financial services companies in the nation.
After 60 bank and thrift acquisitions since 1989, the former eastern North
Carolina farm bank has grown to become the nation's 14th largest financial
holding company. Assets have increased from about $275 million when King's
career began to $137 billion today.
As it has grown, BB&T has steadily climbed the ranks in key measures of
performance such as client service, profitability, capital strength, credit
quality, operating efficiency and fee-income generation.
"Kelly has been involved in every significant strategic decision we've
made at BB&T for over 25 years," said Allison, who plans to continue to serve
on the BB&T corporate board beyond his upcoming final year as chairman. "He is
a proven leader and firmly committed to BB&T's culture and vision and the
corporate values that have made us successful. He will do an outstanding job
as CEO."
With $137 billion in assets, BB&T Corporation (NYSE: BBT) is the nation's
14th largest financial holding company. Founded in 1872, it operates more than
1,500 financial centers in 11 states and Washington, D.C. More information
about the company is available at BBT.com.
