TUPELO – In an SEC filing last week, Renasant Corp. said Chief Executive Officer and Chairman Robin McGraw will step down as CEO on May 1, 2018.
Renasant said the plans are “in accordance with the previously-announced long-term succession plan” filed in 2008.
Mitch Waycaster will assume the role of CEO of both the company and its wholly owned subsidiary, Renasant Bank.
McGraw isn’t leaving Renasant completely, however.
According to Renasant, McGraw and the company on April 25 entered into an amendment to his employment agreement, which will be effective as of next May. After relinquishing his CEO role, McGraw will be executive chairman and will spend no more than 60 percent of the time that he previously spent as CEO.
McGraw’s term as executive chairman is through May 2, 2020. After that, it can be renewed on a year-to-year basis.
He also will be paid 60 percent of his base compensation as in effect on April 30, 2018. McGraw also remains eligible for annual and long-term cash and equity incentives.
McGraw joined what was then The People’s Bank and Trust Co. in 1974. It was renamed Renasant after a merger with the Memphis-based bank in 2004.
Waycaster last year was named president and chief operating officer of both Renasant Corp. and Renasant Bank.
He joined the bank in 1979 and has held several leadership positions with the company, including president of Renasant Bank’s Mississippi Division, executive vice president of retail banking and senior vice president and chief credit officer.
Last week, for the sixth consecutive quarter, Renasant Corp. reported record earnings. Renasant said it had net income of $24 million during its first quarter, an increase of nearly 13 percent compared to a year ago.
The results equate to 54 cents per share during this year’s first quarter, 2 cents more than the first quarter of 2016.
Earlier this year, Renasant said it would acquire Nashville-based Metropolitan Bancorp, the parent company of Metropolitan Bank, in an all-stock merger valued at about $190 million. The banks last month received the blessings of both boards of directors and regulatory approval for the merger. The merger still needs shareholder approval, which is expected.