I can't believe that stockholders keep approving BB&T's undistinguished Board members year after year. There is no one on there that brings any real value to the Corporation. The Chair of the Audit Committee is from some small accounting firm that no one has ever heard of in E. Tennessee. Can't BB&T find someone from one of the big 4 accounting firms? Everyone else consists of has beens and nobodies that BB&T picked up from old mergers. And these guys are paid handsomely--lots of stock and cash compensation.
I don't care if the CEO of Wachovia or SunTrust makes more--Allison is not worth all that BB&T is paying him. Plus look at what he would get if BB&T is acquired!! That is stockholder money!
You raised a valid point, although with BBT's community based model, it's not surprising that they would pick board members from recent mergers or local members of the community.
In looking at the new annual report, it's interesting that 8 directors will be forced to leave within the next 3 years due to the mandatory age limit. With BBT's new focus on commercial banking this is something that they may consider. You could also recommend a stockholder proposal I believe.
You got that right - has beens and nobodies - and its just not the Board its everybody in Mgmt. Mediocrity...these guys still think its 1978, they're in a time capsule. Maybe if there was some new blood (seasoned pros) on the Board, you might see some changes, but that will never happen if JA's silly culture "broken record" keeps playing. Not until Carl Icahn or somebody else like him comes in and takes down a big chunk of this thing will u see any real substantive changes. It will never sell, merge, or what not, as JA will only do a deal on his terms, and why would anyone be dumb enough to do his deal?