CULLEN/FROST BANKERS ANNOUNCES CHANGES TO BOARD OF DIRECTORS

Rhea-AI Summary

The board of directors of Cullen/Frost Bankers announced the retirement of directors Karen E. Jennings and Ida Clement Steen, effective at the annual meeting in April. Jennings has served on the board since 2001, while Steen has been a member since 1996. The board expressed gratitude for their leadership. To fill their positions, the board nominated Laurie Baker and Linda Burke Rutherford, both seasoned executives with strong backgrounds in operations and communications, respectively. This transition is seen as a move to enhance the company's leadership and maintain its cultural values.

Positive

• Nomination of Laurie Baker and Linda Burke Rutherford brings diverse skills and experience.
• Baker and Rutherford have strong backgrounds in operations and communications, which may enhance company performance.

Negative

• Retirement of experienced board members may create a leadership gap.
• Potential concerns about continuity in the board's strategic vision and decision-making.

SAN ANTONIO, Jan. 28, 2022 /PRNewswire/ -- The board of directors of Cullen/Frost Bankers, Inc. announced that directors Karen E. Jennings and Ida Clement "Weisie" Steen have notified the board of their decision to retire from the board and not stand for re-election to the board when their terms expire at Cullen/Frost's annual meeting of shareholders in April.

Jennings joined the Cullen/Frost board in 2001 and serves on the Compensation and Benefits Committee, Corporate Governance and Nominating Committee, and the Risk Committee. Steen joined the Cullen/Frost board in 1996 and serves on the Compensation and Benefits Committee, Corporate Governance and Nominating Committee, and the Technology Committee.

"We're grateful for the leadership and service provided by Weisie and Karen," said Phil Green, Cullen/Frost Chairman and CEO. "Their veteran presence has been much appreciated as we have grown over the past two decades, and I want to personally thank them for everything they've contributed to our company's success."

The board decided to nominate Laurie Baker and Linda Burke Rutherford for election to the board by Cullen/Frost shareholders at the upcoming annual meeting of shareholders in April.

Baker is executive vice president and chief operating officer at Camden Property Trust, a Houston-based publicly traded real estate investment trust. She has been with Camden since 1999 and is responsible for the oversight and strategy of Camden's portfolio operations and investment funds. Baker has a bachelor of business administration degree in marketing from Sam Houston State University and a master of business administration degree in finance from George Washington University.

Rutherford is executive vice president for people and communications at Dallas-based Southwest Airlines. She has been with Southwest since 1992 and has responsibility over the Communications & Outreach and Culture & Engagement functions as well as People Department (human resources), Southwest Airlines University (training and leadership development) and Diversity, Equity & Inclusion. Rutherford has a bachelor of arts degree in journalism from Texas Tech University.

"We're glad Laurie and Linda both come from great companies that, like Frost, understand the importance of culture and values in generating shareholder value," Green said.

About Cullen/Frost:
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $50.9 billion in assets at Dec. 31, 2021. Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

Bill Day
Media Relations
210-220-5427

 

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SOURCE Cullen/Frost Bankers, Inc.

FAQ

What changes were announced regarding the board of Cullen/Frost Bankers?

Karen E. Jennings and Ida Clement Steen will retire from the board at the upcoming annual meeting.

Who are the new nominees for the board of directors of Cullen/Frost Bankers?

Laurie Baker and Linda Burke Rutherford have been nominated for election.

When will the changes to the board take effect at Cullen/Frost Bankers?

The changes will take effect at the annual meeting of shareholders in April.

What are the backgrounds of the new board nominees for Cullen/Frost?

Laurie Baker has extensive experience in operations at Camden Property Trust, while Linda Rutherford has a strong background in communications at Southwest Airlines.

What impact could the board changes have on Cullen/Frost Bankers?

The new nominations could bring fresh perspectives, but there may be concerns regarding the transition and continuity.