March 5, 2024

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Business is my step

McWhorter elected FB Economic chairman

2 min read

Ayers stepping down as board leader

authors Geert De Lombaerde

Jim Ayers will on Jan. 1 move down as executive chairman of FB Money and its FirstBank subsidiary, which he bought in 1984 when it had just $14 million in assets.

Ayers, who lately turned 77, will be succeeded by investor and former state commissioner of finance and administration Stuart McWhorter. The latter was elected back again to the board very last month following leaving his position in Gov. Invoice Lee’s administration he earlier was a director from 2006 to 2018.

“I considered this would be a superior time to dial back some of my duties to give me extra time to devote with my spouse and children and on my hobbies,” Ayers mentioned in a statement. “I can go hunting and fishing, and which is what I intend to do.”

Ayers will retain an FB Economical board seat, be vice chairman and carry on doing the job at the bank, primarily to call on customers. He owns about 29 % of the company’s shares (Ticker: FBK) , a stake that is worthy of a lot more than $450 million. Which is a significantly cry from the mid-‘80s, when he and a small business husband or wife purchased the former Farmers State Lender in Scotts Hill. Two years later, they bought 1st Nationwide Bank of Lexington and transformed the merged bank’s name to FirstBank.

“Jim Ayers has been and will proceed to be an great existence at FirstBank,” President and CEO Chris Holmes said. “With Stuart McWhorter’s encounter in business and leadership and his 12 many years on the company’s board, he is an great chairman for us, and we anticipate the changeover to be seamless as we transfer into the new calendar yr.”