Franklin Financial Network, Inc. (NYSE: FSB), the parent company of Franklin Synergy Bank (the “Bank”), announced today that Richard E. Herrington, 71, the President of the Company, Chief Executive Officer of the Company and the Bank, and Chairman of the Board of the Company and the Bank, has retired from these positions effective March 8, 2019.
In addition, Kevin A. Herrington notified the Company and the Bank that he is resigning from his position as Executive Vice President and Chief Operating Officer of the Bank, also effective March 8, 2019. Both Richard and Kevin Herrington have agreed to remain as non-executive employees for six months to assist in the leadership
The news was announced in a press release shortly after 4 p.m. on Friday afternoon. The statement did not give reasons for the departures.
The Company’s Board of Directors has named J. Myers Jones, III, Executive Vice President and Chief Credit Officer of the Bank, the Interim Chief Executive Officer of the Company and the Bank while the Board conducts a search for the Company’s next Chief Executive Officer. Lee Moss, President of the Bank, will also serve as the Company’s Interim President. Messrs. Jones and Moss each have over 40 years of experience in community banking, including holding chief executive officer positions with prior employers. Additionally, James W. Cross, IV, currently an outside Director, has been appointed Chairman of the Board of Directors for the Company and Bank. Mr. Cross joined the Board in 2009.
“I am extremely proud of the accomplishments of the Franklin Synergy team during my time as CEO,” Mr. Herrington said. “When I helped found this bank more than 11 years ago, I could not have imagined the success we’ve achieved as a top bank in our market. I’ll always be thankful for the incredible relationships that I’ve built during my tenure at the Company.”
“We would like to thank Richard for his dedication to our Company, customers and communities. Under Richard’s leadership we have grown from a de novo bank in 2007 to a publicly-traded bank with leading market share in our primary markets,” said James W. Cross, IV, Chairman of the Board of Directors. “With our strong foundation built by Richard, Myers is well-positioned to serve as Interim Chief Executive Officer. He is familiar with all aspects of our business, customers, team and communities, and together with the rest of our executive team, we have the utmost confidence in their ability to execute our strategic plan.”
Additionally, the Company announced two management promotions – Terry Howell as Interim Chief Operating Officer of the Bank, and Eddie Maynard as Executive Vice President, Chief Credit Officer of the Bank. The appointments are effective immediately.
“We are pleased that Terry and Eddie will be leading the Bank in these key executive roles,” said J. Myers Jones, III, the Company’s Interim Chief Executive Officer. “They both are proven leaders with extensive financial industry experience. We are confident in their ability to move the Bank forward to achieve our strategic goals.”
Howell currently serves as and will remain the Company’s Executive Vice President, Corporate Risk Officer. He has more than 30 years of financial industry experience. Maynard joined the Bank in 2008 and has served in various leadership positions, including most recently as the Bank’s Assistant Chief Credit Officer. He has more
than 20 years of financial industry experience.
Shares of Franklin Synergy (Ticker: FSB) fell slightly Friday to $31.11 and were not active after hours. During the past six months, they have fallen more than 20 percent.