Cullen/Frost Bankers Announces Changes to its Board of Directors
January 19, 2017 at 09:16 am EST
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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.
Cullen/Frost Bankers, Inc. is a financial holding and bank holding company. The Company's segments include Banking and Frost Wealth Advisors. The Banking segment includes both commercial and consumer banking services and Frost Insurance Agency. Its commercial banking services are provided to corporations and other business clients and include a range of lending and cash management products. Its consumer banking services include direct lending and depository services. Its Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. The Frost Wealth Advisors segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and securities brokerage services. The Company serves a range of industries, including energy, manufacturing, construction, and others.