The board of directors of Cullen/Frost Bankers, Inc. announced that director Jack A. Wood notified the board that he decided to resign from the board effective Jan. 17, 2017, and that Royce S. Caldwell, the lead independent director, has notified the board of his decision to retire from the board and not to stand for re-election to the board when his term expires at Cullen/Frost's annual meeting of shareholders in April. On Jan. 18, 2017, the board of directors elected Sam Dawson, CEO of Pape-Dawson Engineers, Inc., to fill Wood's position for a term that expires at the upcoming annual meeting of shareholders. Dawson has served in leadership roles on a number of professional and civic organizations in addition to his duties at Pape-Dawson. The board also determined to nominate Graham Weston, co-founder and former CEO of Rackspace Hosting Inc., for election to the board by Cullen/Frost shareholders at the upcoming annual meeting of shareholders in April. In addition, the board has selected director Charles W. Matthews, the retired general counsel for Exxon Mobil Corp., to serve as the lead independent director upon the completion of Caldwell's term.