- Push-out Score determined
- After almost 11 years in the position
- Praise and thanks for Stelling
- Kevin Blair taking over
- Stelling will remain as executive chairman at Synovus
- Stelling said 72 words
(exechange) — Columbus, Georgia, December 17, 2020 — Kessel Stelling, chief executive of Synovus, leaves his position. As announced by Synovus Financial Corp. in a news release and in a regulatory filing published on Thursday, December 17, 2020, Kessel D. Stelling leaves his post as chief executive officer of the financial services company after almost 11 years in the role, effective on or about April 21, 2021.
Kessel Stelling’s duties as CEO will be taken over by Kevin S. Blair, currently Chief Operating Officer of Synovus Financial Corp.
“Succession management plan”
Kessel Stelling’s departure from the CEO post is explained as follows. Elizabeth Camp, lead independent director of Synovus’ Board, said: “The Board is pleased to announce these next steps in our succession management plan that will ensure a seamless and stable leadership transition for our team members, customers, and shareholders.”
Stelling will remain as executive chairman at Synovus
“Chairman and CEO Kessel Stelling will move into the role of executive chairman of the board on or about April 21, 2021, in conjunction with the company’s annual shareholders meeting,” Synovus said.
Share price decline since December 2017
The announcement follows a decline in Synovus Financial Corp.’s share price of 33% since December 2017.
In the position of CEO since 2010
Kessel Stelling became CEO of the Company in 2010.
Stelling will serve as executive chairman of Synovus Financial Corp. and Synovus Bank until January 1, 2023, then continue in an advisory role until January 1, 2025.
Kessel D. Stelling is the Chairman of the Board and Chief Executive Officer of Synovus.
He has been Chairman since January 2012 and Chief Executive Officer since October 2010.
Stelling also served as President from October 2010 until December 2019, after serving as Acting Chief Executive Officer from June to October 2010.
Prior to that time and since February 2010, Stelling served as President and Chief Operating Officer of Synovus.
From June 2008 until February 2010, Stelling served as the Regional Chief Executive Officer of Synovus’ Atlanta area market.
Prior to that time, he served as President and Chief Executive Officer of Bank of North Georgia, having been appointed to that position in December 2006.
Stelling founded Riverside Bancshares, Inc. and Riverside Bank in 1996 and served as its Chairman of the Board and Chief Executive Officer until 2006 when Riverside was acquired by Synovus.
Prior to that time, Stelling worked in various management capacities in banking in the Atlanta region, having begun his career in the industry in 1974.
Stelling holds a bachelor’s degree from the University of Georgia and is a graduate of Louisiana State University School of Banking of the South.
He serves as a Class A director of the Federal Reserve Bank of Atlanta and serves on the Board of Regents of the University System of Georgia and on the board of Georgia Power, the largest subsidiary of Southern Company, a public company and one of the nation’s largest generators of electricity.
Stelling also serves as the treasurer and as a member of the executive committee of the Bank Policy Institute and as a director of several civic and non-profit organizations, including the Georgia Chamber of Commerce and the Georgia Historical Society.
In addition, he has been named as one of the “100 Most Influential Georgians” by Georgia Trend magazine every year since 2009.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Synovus and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2020 ($).