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BB&T Corporation: management transition plan- Kelly S. King up John Allison down

By Amarendra Bhushan for CEOWORLD Magazine Updated:August 27, 2008

BB&T Corporation, one of America’s largest banks, offering full-service commercial and retail banking services said that longtime Chief Executive Officer John A. Allison will retire on Dec. 31, 2008. Chief Operating Officer Kelly S. King will take Allison’s place after the chief executive steps down. King also has been elected to the company’s board. But John A. Allison will continue as chairman of the BB&T Corporation board of directors until Dec. 31, 2009.

“I’m extremely proud of all that we’ve accomplished and the meaningful impact we’ve had on the lives of so many clients, employees and shareholders,” Allison said. “I will certainly miss my close relationships with so many friends and business associates. However, for BB&T and for me personally, this is the right time to move forward. Nearly 20 years is certainly a long time for anyone to serve as CEO.”

Kelly S. King said BB&T will continue in the same “strategic direction” after he’s CEO. “There is no reason to change course. Our mission, service culture, operating strategy and values have only been reaffirmed during the current down cycle in the economy. BB&T’s best days have always been ahead of us. We will continue to execute on our vision of creating the best financial institution possible.”

About John A. Allison

Allison is the longest serving chief executive at the 25 largest financial holding companies in the nation. After joining BB&T and completing its Leadership Development Program, he served as the program’s manager for two years before being named regional loan administrator in 1973. Allison joined BB&T’s executive management team in 1980, the same year he was promoted to Business Loan Administration manager.

A year later, he was named manager of the BB&T Banking Group. In 1987, Allison became president, a position he held until succeeding the late Vincent Lowe as chairman and CEO on July 11, 1989. At the time, BB&T had $4.5 billion in assets.

Allison earned a bachelor’s degree in business administration from the University of North Carolina at Chapel Hill and master’s in business administration degree from Duke University. He also holds honorary doctorates from East Carolina University, Mount Olive College, Clemson University and Marymount University. He is a graduate of the Stonier Graduate School of Banking at Rutgers University.

About Kelly S. King

Mr. King was named as BB&T’s chief operating officer effective July 1, 2004. He joined BB&T’s Management Development Program in 1972. He has served in many roles, including president of BB&T Corporation, banking manager for BB&T’s branch network, manager for the Central and Metropolitan regions, Raleigh city executive, Charlotte business services manager, Statesville consumer loan department manager and Statesville marketing officer. Mr. King also serves as a member of the Board of Directors of Branch Banking and Trust Company.

B.S., Business Administration, East Carolina University, Greenville, N.C.
MBA, East Carolina University, Greenville, N.C.
Stonier Graduate School of Banking at Rutgers University, Newark, N.J.

Kelly joined BB&T in 1972 and has been a member of BB&T’s executive management team since 1983. After completing BB&T’s Leadership Development Program, King served in management positions in the North Carolina cities of Statesville, Charlotte, Wilson and Raleigh.

In 1987, King was named manager of Branch Administration and, a year later, was named manager of the BB&T Banking Network. He was named president of BB&T Corporation in 1996, and succeeded Henry Williamson as chief operating officer in 2004. King earned his bachelor’s and master’s in business administration degrees from East Carolina University. He is a graduate of the Stonier Graduate School of Banking at Rutgers University.

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