TowneBank is shifting its top executives as part of its succession planning and to prepare the company for the "next decade of growth."
The Suffolk-based bank with more than $10 billion in assets announced Thursday that its founding chairman of the board and CEO G. Robert Aston Jr., 73, is now going by a new title: executive chairman of the board.
J. Morgan Davis, the bank's president and chief banking officer, has been promoted to CEO.
The bank says Aston will still be responsible for corporate strategy, governance, marketing and human resources. Davis, 67, will be responsible for overall corporate growth and profitability and work with Chief Operating Officer Brad E. Schwartz to manage the company's day-to-day activities.
