Simmons First in Arkansas promotes its president to CEO

Simmons First National in Pine Bluff, Arkansas, has promoted its president and chief operating officer, Robert Fehlman, to be its next chief executive.

Fehlman will take over as CEO of the company and its Simmons Bank subsidiary.

George Makris Jr., the current chairman and CEO, will step down from the C-suite and assume the role of executive chairman. Makris has been a director of the company since 1997 and has been its CEO since 2014. Fehlman has been with the company since 1988.

Additionally, James Brogdon, executive vice president and chief financial officer of Simmons First, was named president and CFO of the company. He joined Simmons in 2021.

The changes take effect Jan. 1, the company said in a press release after markets closed Monday.

"Simmons has developed an outstanding bank management team — one that is deep on talent and experience but also has a long runway ahead of them," Makris said in the release. "I am, therefore, very proud that our organization will be making these changes now to provide expanded leadership within the excellent banking team we have built." 

During Makris's tenure as CEO, Simmons First grew from about $4 billion of assets to $27 billion. The bank expanded organically and through a series of acquisitions.

Analysts noted that Simmons had previously telegraphed the succession plan.

"Since his promotion to COO in 2019, Mr. Fehlman has been considered by many across the Street to be the heir apparent whenever Mr. Makris ultimately decided to retire," Raymond James analyst David Feaster Jr. said in a note to clients.

Fehlman "brings significant management experience across both financial and operational roles, and also has an in-depth knowledge of the bank, having a long tenure at the company," Feaster added. "We are confident Mr. Makris is leaving the bank in capable hands and expect a seamless transition."