Leadership Changes and Industry Developments in the Financial Sector

Strategic Insights -

Burlington Industries has announced the appointment of Douglas J. McGregor as its new president and chief operating officer, effective June 1. McGregor, a seasoned executive from M.A. Hanna Co., will assume operational duties previously divided between Chairmen George W. Henderson III and Vice Chairman Abe Stenberg, who is retiring in December. Meanwhile, First Liberty Financial Corp. has completed its acquisition by BB&T Corp., with plans to operate 38 banking branches under the BB&T name, including the addition of 125 jobs to its markets. In a separate development, Alltel has launched a nationwide wireless calling plan, allowing customers to call anywhere without incurring roaming charges, following similar moves by AT&T, Nextel, and Sprint PCS.

Key Takeaways:

  • Douglas J. McGregor, former chairman and CEO of M.A. Hanna Co., will become the president and chief operating officer of Burlington Industries Inc. on June 1.
  • McGregor will assume operational duties previously divided between Chairmen George W. Henderson III and Vice Chairman Abe Stenberg, who is retiring in December.
  • First Liberty Financial Corp. has completed its acquisition by BB&T Corp. and will operate 38 banking branches under the BB&T name.
  • Plans to add about 125 jobs to First Liberty's markets.
  • Alltel has launched a nationwide wireless calling plan, allowing customers to call anywhere without incurring roaming charges.
  • The plan follows similar moves by AT&T, Nextel, and Sprint PCS.
  • First Liberty has $7 billion in assets and operates 13 consumer-finance offices in Macon, Savannah, and neighboring areas.
  • BB&T has $46.6 billion in assets and is based in Winston-Salem.

Statistics:

  • 38 banking branches of First Liberty Financial Corp. will operate under the BB&T name.
  • $7 billion in assets: First Liberty's total financial assets.
  • 13 consumer-finance offices operated by First Liberty: Offices in Macon, Savannah, and neighboring areas.
  • 125 jobs to be added by BB&T to First Liberty's markets.
  • $46.6 billion in assets: Total assets held by BB&T.
  • June 1: Effective start date for Douglas J. McGregor's appointment as president and chief operating officer of Burlington Industries.

Sources:

  • "Burlington Industries Names New President" - Date not specified.
  • First Liberty Financial Corp. press release - "Branches to Take BB&T Corp. Name".
  • Alltel press release - "Alltel Begins Nationwide Wireless Calling Plan".
  • M.A. Hanna Co. - McGregor's bio (contribution to original piece).
  • BB&T Corp. press release - "BB&T Completes Acquisition of First Liberty Financial Corp."