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South Financial Group president stepping down |
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Wednesday, 03 September 2008 |
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By Francis B. Allgood
SCBIZ Daily Staff
GREENVILLE -- Mack I. Whittle Jr., president and chief executive officer of The South Financial Group Inc., holding company for Carolina First Bank, will step down by the end of the year.
Whittle declined comment when reached via cell phone, but the announcement was posted on the company’s Web site Tuesday.
Whittle, who founded the bank in 1986, will continue to serve on Greenville-based company’s board of directors through his current elected term, which expires in 2011.
“It has been my honor and my privilege to work with the many fine professionals at TSFG as well as our many customers and shareholders over the past two decades,” Whittle said in the news release. “I am confident that our strong management team is fully capable of moving our company forward.”
John C.B. Smith, the lead independent director of the board, said in the new release, “The board is grateful for Mack’s dedication and his many contributions to this company and the communities that it serves.”
In August, TSFG reported $16.8 million in losses for its second quarter and announced the reorganization of its executive management team from 11 to five.
Publicly traded on Nasdaq, TSFG’s stock closed at $7 on Tuesday, down 31 percent from a year ago. TSFG has a $100 million headquarters under construction along Interstate 85 in Greenville.
The bank holding company, which also owns Florida-based Mercantile Bank, has $14 billion in assets and 2,200 employees. Carolina First Bank is one of the largest banks in South Carolina with deposits of more than $3.4 billion statewide, according to the Charleston Regional Business Journal’s Book of Lists 2008.
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