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.
"We're grateful for the leadership and service provided by Jack and Royce, and at the same time, we're excited about the appointment of Sam Dawson and the nomination of Graham Weston," said Phil Green, Cullen/Frost Chairman and CEO.
"Jack is moving out of state, and logistically, it would be difficult for him to participate in board activities," Green said. "I want to personally thank him and recognize his help with the transition Frost Bank made into the Permian Basin when we completed the Western National Bank transaction.
"Sam will bring insight into statewide real estate development and infrastructure, and that insight will complement Frost's activities in commercial real estate.
"Royce has helped Cullen/Frost accomplish great things during his tenure on the board. I greatly appreciate his tremendous wisdom, especially as we completed our leadership transition in 2016, and I thank him for his leadership as our lead independent director.
"I'm excited about Graham's nomination, because he would bring a unique perspective to our board due to his knowledge and experience in the technology industry. He has insight into a wide variety of areas, including the increasingly important world of cybersecurity and in extending technology to customers."
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $29.6 billion in assets at September 30, 2016. One of the 50 largest U.S. banks, 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 frostbank.com.
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SOURCE Cullen/Frost Bankers, Inc.