South State in Winter Haven, Fla., has reduced the size of its board by nearly a third.
The $46.2 billion-asset company disclosed in a regulatory filing that it cut the board’s size from 19 directors to 13 after six members reached its mandatory retirement age.
The smaller board “will serve the best interests of the company’s shareholders by providing a more streamlined governing body, as well as providing each director a greater opportunity to be more involved in affairs of the board and the company,” the filing said.
The newly retired directors – Robert Demere Jr., John Holcomb III, Robert Horger, Charles McPherson, Ernest Pinner and Kevin Walker – have been appointed to an advisory board.
South State also said its board approved the accelerated vesting of 935 restricted stock units that were granted to the directors earlier this month. The board also approved the accelerated vesting of 815 restricted shares granted to Horger in January.