Late last week, BancorpSouth, Inc. announced that Chairman and CEO Aubrey Patterson will retire from his CEO post in 2013.
Patterson was appointed Chairman and CEO of BancorpSouth in 1991, having previously served as its President and CEO from 1990 to 1991 and its President and Chief Operating Officer from 1983 to 1990.
The bank says Patterson will continue to serve as Chairman and CEO until a successor is named and the CEO transition is complete. BancorpSouth says its timetable for the transition is April 2013.
The board of directors has formed a search committee to identify a new CEO and has retained Spencer Stuart, an executive search firm with experience in CEO transitions, to advise the board on potential candidates.
Director Hassell H. Franklin, the head of the search committee, said, “During Aubrey Patterson’s more than 20 years as Chairman and CEO of BancorpSouth, the company has increased its assets from $1.5 billion to $13.3 billion, while expanding its footprint from one state to nine states. We are very appreciative of his complete commitment to BancorpSouth and its employees, clients and shareholders during his leadership tenure and throughout his nearly 40 years with the company. We also thank him for his continuing efforts on BancorpSouth’s behalf in working to make this leadership transition process as smooth as possible.”
Tupelo, Mississippi-based BancorpSouth has a major footprint across Arkansas, including eastern, southern, central and western regions of the state.