Renasant CEO Mitch Waycaster to leave post

  • Kevin Chapman taking over
  • Waycaster will remain as Executive Vice Chairman at Renasant
  • Waycaster said 73 words

(exechange) — Tupelo, Mississippi, April 23, 2024 — Mitch Waycaster, chief executive of Renasant, is set to leave his position. As announced by Renasant Corp. in a news release and in a regulatory filing published on Tuesday, April 23, 2024, C.Mitchell (Mitch) Waycaster will leave his post as chief executive officer at the parent of Renasant Bank, after seven years in the role, effective May 2025.

Long goodbye

It is a long goodbye. The announcement of Mitch Waycaster’s move comes up to 13 months prior to his planned departure from the post of CEO.

In general, a top executive who announces the departure particularly early may be considered a lame duck.

Mitch Waycaster’s duties as CEO will be taken over by Kevin D. Chapman, currently President and Chief Operating Officer at Renasant Corp.

“Next step of the Company’s management succession plan”

The planned management change is explained as follows. Renasant stated: “The Board of Directors of Renasant Corporation (the “Company”) implemented the next step of the Company’s management succession plan, designating Kevin D. Chapman to become Chief Executive Officer of the Company and Renasant Bank (the “Bank”) effective May 2025.”

Waycaster will remain as Executive Vice Chairman at Renasant

Renasant stated: “Following Mr. Chapman’s promotion to Chief Executive Officer, C. Mitchell Waycaster will continue in his role as Executive Vice Chairman of the Company and the Bank. Until that time, Mr. Waycaster and Mr. Chapman will retain their current titles and duties as Chief Executive Officer and President and Chief Operating Officer, respectively, of both entities.”

“Stepping down”

Renasant said: “Over the next year, current Renasant CEO, C. Mitchell Waycaster will work with Chapman on the leadership transition; in May 2025, while stepping down from the CEO position, Waycaster will continue in his role as Executive Vice Chairman of the Company and the Bank.”

Share price decline since May 2018

The announcement follows a decline in Renasant Corp.’s share price of 34% since May 2018. May 2018 is the month in which Waycaster’s tenure as CEO began.

In the position of CEO since 2018

Mitch Waycaster became CEO of the Company in 2018.

Waycaster has served as the Company’s and the Bank’s Chief Executive Officer since May 2018, and Executive Vice Chairman since May 2023.

Waycaster was President of the Company and the Bank from January 2016 to May 2023, and he was the Company’s Chief Operating Officer from January 2016 to May 2018.

Prior to these roles, Waycaster served in a variety of positions over his long career at the Bank, including Chief Administrative Officer (April 2007 to January 2016), President of the Mississippi Division (January 2005 to April 2007) and Director of Retail Banking (2000 until December 2004), among other positions.

73 words by Mitch Waycaster

In announcing his departure as CEO, Mitch Waycaster said 73 words.

“Great hands”

“On behalf of the Board of Directors, our employees and our shareholders, and following our Company’s succession plan, we are proud to name Kevin as the next CEO of Renasant,” said Renasant Executive Chairman, E. Robinson McGraw, and Waycaster in a joint statement. “Kevin is a dynamic leader with a keen understanding of both corporate banking strategy and the financial services marketplace. We believe Renasant will be in great hands with Kevin guiding the Company, and we look forward to a bright future under his leadership.”

The above text is an excerpt from the exechange report 18.2024 ($), publication date April 29, 2024.