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Community Trust Bancorp, Inc. Announces CEO Retirement and Succession Plan
PIKEVILLE, Ky.--(BUSINESS WIRE)-- Community Trust Bancorp, Inc. (NASDAQ: CTBI), parent company of Community Trust Bank, Inc. and Community Trust and
About this update from Community Trust Bancorp, Inc.
[{"type":"text","content":" PIKEVILLE, Ky.--(BUSINESS WIRE)--\nCommunity Trust Bancorp, Inc. (NASDAQ: CTBI), parent company of Community Trust Bank, Inc. and Community Trust and Investment Company, with offices in Kentucky, West Virginia, and Tennessee, announces that Jean R. Hale, Chairman, President, and Chief Executive Officer of the Company for the last 23 years will retire effective February 7, 2022. On July 27, 2021, the Board of Directors unanimously elected Mark A. Gooch to the position of President of Community Trust Bancorp, Inc., effective immediately, and also named Mr. Gooch, effective February 7, 2022, to succeed Ms. Hale as CEO and Director; the Director position will be for the remainder of her then unexpired term. Mr. Gooch has served as President and CEO of the Company’s primary subsidiary, Community Trust Bank, Inc., since July 1999 and will continue to serve in that capacity.\n\nCommenting on the announcement, Lead Independent Director M. Lynn Parrish said, “We appreciate Jean’s long and exemplary service to the Company. She leaves an indelible imprint on Community Trust Bancorp, Inc. having provided strong leadership for its dynamic growth and profitability and assembling a strong executive management team during her tenure.”\n\n“We are fortunate as a company to have an outstanding management team and a strong succession management plan to facilitate a smooth leadership transition,” Ms. Hale said. “Mark has played an integral role in the growth and financial performance of the Company while maintaining a high level of service to our customers. His leadership of our executive team gives me great confidence that Community Trust will continue its long history of strong financial performance.”\n\nMs. Hale joined the Company in 1969 and progressed through the officer ranks as Assistant Vice President, Vice President, Sr. Vice President, Executive Vice President, and in 1992 at the age of 45, was named President and CEO of Community Trust Bank, Inc., the Company’s primary subsidiary. She became President and CEO of Community Trust Bancorp, Inc. in 1999 and Chairman in 2005. During her tenure as President, and CEO, the Company’s total assets increased 152% from $2.2 billion at December 31, 1999 to $5.5 billion at June 30, 2021. The Company’s quarterly cash dividend to shareholders has increased 233% from $0.12 per share for the fourth quarte...