TMCnet News
REGIONS FINANCIAL CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 21, 2014, David B. Edmonds, 61, a named executive officer, announced his plans to retire from Regions Financial Corporation and Regions Bank (collectively, "Regions") after a 20-year career at Regions. Mr. Edmonds is resigning his positions as Chief Administrative Officer and Senior Executive Vice President of Regions, effective as of September 2, 2014, but will remain with Regions for a period (at least through March 2015) to assist with transition. Regions will not fill the Chief Administrative Officer position and Mr. Edmonds' responsibilities will be transitioned to other executives. In connection with his retirement, the Compensation Committee determined to provide Mr. Edmonds with an enhanced retirement benefit under the Regions Financial Corporation Post-2006 Supplemental Executive Retirement Plan equal to 65% of his average monthly earnings (as determined under the plan), less his estimated monthly benefits under both Regions' tax-qualified retirement plan and Social Security, provided Mr. Edmonds executes a general release and waiver of claims upon his retirement. For additional information, see the press release attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. 99.1 Press Release dated August 27, 2014. -------------------------------------------------------------------------------- |