TOWN - TowneBank lays down CEO succession plan

• TowneBank ( NASDAQ: TOWN ) Board of Directors selected William (Billy) I. Foster, III to succeed J. Morgan Davis when he steps down as CEO on December 31, 2022.
• Mr. Davis, who plans to retire on March 31, 2023 after assisting with the transition process, will continue to serve on the Board of Directors and as an executive consultant focused on mergers and acquisitions, member relations and other special projects.
• This announcement follows a months-long process led by a special committee formed by the Board to direct the search for Mr. Davis’ successor and to conduct a comprehensive review and assessment of the Company’s long-term management succession plan for its senior leadership management structure.
• Mr. Foster joined in 2004 as Regional President and has served in several executive roles, including his current role as President of the Bank’s markets in Central Virginia and North Carolina.

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