CULLEN/FROST BANKERS ANNOUNCES TWO ADDITIONS TO BOARD OF DIRECTORS; AVERY TO RETIRE
MWN-AI** Summary
Cullen/Frost Bankers, Inc. (NYSE: CFR), a prominent financial holding company based in San Antonio, recently announced significant changes to its Board of Directors. Marsha M. Shields and Jeff Rummel have been elected as new directors, while Chris Avery will retire upon the expiration of his term in April 2026.
Chairman and CEO Phil Green expressed enthusiasm about the new additions, highlighting the extensive business and policy experience that Shields and Rummel bring to the board. Shields is currently the CEO and Managing Partner of McCombs Enterprises, overseeing various businesses, including the Red McCombs Automotive Group and McCombs Energy Ltd. Additionally, she plays a vital role in numerous organizations, such as the McCombs Foundation and the Texas Biomedical Research Institute, and holds a degree from Duke University.
Jeff Rummel brings 37 years of experience with Ernst & Young, most recently serving as managing partner of their San Antonio office from 2020 to 2025. His background includes significant audit experience with publicly traded financial services companies, positioning him as a valuable asset to the board’s oversight and risk assessment capabilities. Rummel is a graduate of the University of Texas and is a retired CPA.
Chris Avery, who has served on the board since 2015, is stepping down after contributing to major company initiatives and navigating challenges during his tenure, including the recent pandemic. Green acknowledged Avery’s valuable contributions, marking the transition as an opportunity for new perspectives.
Cullen/Frost Bankers manages approximately $53 billion in assets and is recognized among the largest U.S. banks. The company offers a comprehensive range of financial services across Texas, continuing its long-standing legacy since its founding in 1868.
MWN-AI** Analysis
Cullen/Frost Bankers, Inc. (NYSE: CFR) has recently bolstered its board of directors with the addition of two new members, Marsha M. Shields and Jeff Rummel, while also announcing the retirement of Chris Avery. This strategic move is more than just a personnel shuffle; it serves to enhance the company's oversight capabilities and corporate governance as they seek to navigate a competitive and evolving financial landscape.
Marsha Shields brings extensive experience from her role at McCombs Enterprises, overseeing diverse business interests that include automotive and energy sectors. Her deep-rooted Texas connections and involvement in various philanthropic and educational initiatives position her as a valuable asset for Cullen/Frost as it aims to foster local community ties. Shields’ entrepreneurial acumen may also guide the bank in exploring new growth avenues and business strategies.
On the other hand, Jeff Rummel’s background with Ernst & Young provides a formidable level of financial oversight expertise. His experience working with publicly traded companies within the financial services sector will be crucial as Cullen/Frost continues to manage risks associated with economic fluctuations and regulatory changes. Rummel's managerial insight could also drive internal efficiencies, further enhancing the bank’s operational integrity.
The retirement of Chris Avery, while marking the end of an era, allows for a transition in perspectives that may invigorate the board's strategic thinking. His contributions during critical periods such as the pandemic reflect a robust foundation, and the incoming members may build upon this legacy with a fresh approach.
Investors should view this board evolution with optimism. The blend of Shields' entrepreneurial spirit and Rummel's audit proficiency positions Cullen/Frost for a nimble yet structured response to market dynamics. As the bank continues to grow with $53 billion in assets, maintaining strong governance will be key. For investors, keeping an eye on how these additions influence strategic initiatives and overall performance will be essential in assessing the future trajectory of CFR's stock.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
SAN ANTONIO, Jan. 30, 2026 /PRNewswire/ -- The board of directors of Cullen/Frost Bankers, Inc. (NYSE: CFR) announced that two new directors, Marsha M. Shields and Jeff Rummel, have been elected to the board.
"We're glad to be able to add Marsha and Jeff to the board, and we look forward to the addition of their knowledge and experience," said Cullen/Frost Chairman and CEO Phil Green. "They're both longtime Texans with plenty of business and policy experience, and their perspectives will be of value as we expand our company."
Shields is the CEO and Managing Partner of McCombs Enterprises and oversees the Red McCombs family's core businesses, including Red McCombs Automotive Group, McCombs Energy Ltd. and McCombs Family Partners Ltd. She is also the president and director of the McCombs Foundation, Inc., a trustee of the Texas Biomedical Research Institute, and a member of the Board of Visitors of the University of Texas M.D. Anderson Cancer Center. She has served on the board of Clear Channel Outdoor Holdings. She holds a bachelor's degree from Duke University and completed an executive education program in accounting, finance, and business management from the University of Texas at Austin.
Rummel served as the managing partner of Ernst & Young's San Antonio office from 2020-25. He served as the lead audit partner for several publicly traded companies in the financial services sector as well as various leadership roles at Ernst & Young for more than 37 years, giving him significant experience auditing and assessing risk at large complex financial institutions. He also is a board member of the Alamo Bowl. He holds a bachelor's degree from the University of Texas and is a retired certified public accountant.
The board also announced that Chris Avery, who has been a director since 2015, will retire from board service when his term expires in April of this year. Avery, a licensed physician and board-certified anesthesiologist, also serves as chairman and former CEO of James Avery Craftsman, Inc.
"We appreciate Chris's service on our board, which coincided with major initiatives like our organic expansion as well as critical situations like getting through the pandemic," Green said. "We all congratulate him on his well-deserved retirement."
About Frost:
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $53 billion in assets at Dec. 31, 2025. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.
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SOURCE Cullen/Frost Bankers, Inc.
FAQ**
How do the backgrounds of new board members Marsha M. Shields and Jeff Rummel align with the strategic goals of Cullen/Frost Bankers Inc. CFR, particularly in terms of growth and innovation?
What are Cullen/Frost Bankers Inc. CFR's expectations for the contributions of Shields and Rummel to the board, considering their extensive experience in finance and business?
With Chris Avery's retirement from Cullen/Frost Bankers Inc. CFR's board, how does the company plan to address any knowledge gaps left by his departure, especially in relation to his healthcare background?
How might the recent changes in the board of directors at Cullen/Frost Bankers Inc. CFR influence the company's future initiatives and overall strategic direction?
**MWN-AI FAQ is based on asking OpenAI questions about Cullen/Frost Bankers Inc. (NYSE: CFR).
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