- After 25 years on the job
- Rainbolt will remain as Executive Chairman at BancFirst Corporation
- Rainbolt said 45 words
(exechange) — Oklahoma City, Oklahoma, May 25, 2017 — David Rainbolt, chief executive of BancFirst Corporation, hands over the reins. As announced by BancFirst Corporation in a news release on Thursday, May 25, 2017, David E. Rainbolt leaves the post as Chief Executive Officer at the financial firm after 25 years on the job.
It is the end of an era.
The exact date of Rainbolt’s departure was not specified in the announcement.
Rainbolt’s duties are taken over by David Harlow, most recently President at BancFirst Oklahoma City.
BancFirst Corporation still listed Rainbolt as Chief Executive Officer on its leadership page.
Rainbolt’s move is part of a management shake-up.
“Now is the time”
The management change is explained as follows. Dennis Brand, CEO of the subsidiary bank, said: “The Company’s succession plan has been in place for several years and I have come to the conclusion that now is the time to implement that plan.”
Rainbolt will remain as Executive Chairman at BancFirst Corporation
“Going forward, Mr. Rainbolt will assume the role of Executive Chairman of both BancFirst Corporation and its primary subsidiary, BancFirst,” BancFirst Corporation said.
Share price rise since January 2016
The change follows a rise in the share price of BancFirst Corporation since January 2016.
On the job as CEO since 1992
David E. Rainbolt was CFO when the company was formed through a 7 bank roll up in 1985.
He has served as CEO of BancFirst Corporation for the past 25 years.
Rainbolt was elected Chairman of the Board in March 2017, and has been President and Chief Executive Officer of the Company since January 1992.
He has also been Chairman of BancFirst since 2005 and was Executive Vice President and Chief Financial Officer of the Company from July 1984 to December 1991.
Read the full story in the exechange report 22.2017 ($).