Former BB&T CEO Allison to Lead the Cato Institute

John Allison, the retired chairman and chief executive of BB&T, will become the new CEO of the Cato Institute under a compromise reached by the group's founders.

Allison, who has remained on BB&T's board since retiring as its chairman in 2009, will take the helm of the Libertarian think tank on Sept. 30, a spokesman said. He will succeed Ed Crane, who is retiring.

The changes resolve a longstanding legal battle between Crane and Charles Koch, who co-founded the institute. Under terms of the agreement, Cato will no longer be a stockholder corporation and will instead be governed by members. Allison, who will join the group's board, also has the option to nominate up to two additional directors.

Allison said in press release Monday that he was "happy to assist in resolving the pending litigation and related issues," adding that his goal is "to sustain Cato's efforts at moving the country toward a freer and more prosperous society."

Allison, who has also served as a professor at Wake Forest University in recent years, has long been a supporter of free markets. He is also a self-described Ayn Rand enthusiast who, since retiring from BB&T, has become increasingly vocal in his belief that government has become too big and too intrusive.