A veteran bank executive and Virginia Tech graduate has been chosen to succeed Billy Beale as president and CEO of both Union Bankshares Corporation and its Union Bank & Trust subsidiary, the company has announced.
John Asbury is scheduled to take over leadership of the subsidiary and as president of the parent company Oct. 1. Beale is to remain Union CEO until Jan. 2, when he is to be replaced by Asbury. He is scheduled to serve as executive vice chairman until March 31 and remain as a board member, standing for re-election at next year’s annual shareholders meeting.
The announcement “provides for leadership continuity to deliver upon Union’s future growth plans,” Union board Chairman Ray Smoot, the retired CEO of the Virginia Tech Foundation, said in a news release.
