Pine Bluff, Arkansas-based Simmons First National Corp. CEO Robert Fehlman will step down at the end of the year to focus on personal interests and family medical issues, the company announced Tuesday.
George Makris Jr., the company's executive chairman, will replace Fehlman and resume his responsibilities as the CEO of Simmons First National and its subsidiary Simmons Bank, effective Jan. 1, the company said. Makris served as chairman and CEO from 2014 to 2022.
Additionally, the lender named Christopher Van Steenberg as its chief operating officer, effective Tuesday. Van Steenberg comes to Simmons First from Memphis, Tennessee-based First Horizon, where he served as chief digital and product officer for more than seven years, according to his LinkedIn profile. Van Steenberg will report to Simmons First’s president, Jay Brogdon.
“We're excited to see the impact Chris will have on furthering our better bank initiative, while also supporting our efforts to drive sound, profitable growth and positive operating leverage,” Brogdon said.
Van Steenberg brings more than 25 years of experience in the financial services industry. Before First Horizon, he was head of consumer products at First Tennessee Bank and, earlier, head of product operations in everyday banking at Citizens Bank.
Meanwhile, Fehlman, a 36-year Simmons First veteran, will serve in his current role through year-end and transition to an advisory role through the first quarter of 2025, the bank said.
“I want to express my deep appreciation to Bob for his decades of service to our organization," Makris said in a statement. “Bob has been a tremendous asset to the bank for many years, and we wish him all the best in his well-deserved retirement. Bob has played a significant role in the expansion of the bank and has been a leader of our better bank initiative as CEO.”
Fehlman joined Simmons in 1988 and served in various leadership roles, including controller, CFO, treasurer, chief operating officer and president. He assumed CEO responsibilities at the beginning of 2023.
“I am proud of what we have achieved over the years,” Fehlman said in a statement, adding that Simmons has “a strong foundation in place and positive momentum to build upon and I have great confidence in Simmons' future.”
“The board has a succession plan in place,” a spokesperson for Simmons told Banking Dive via email but didn't confirm if they're still searching for a permanent CEO. However, under Makris, the company's focus will be on “organic profitable growth,” the spokesperson noted.
In a research note Tuesday, Keefe Bruyette & Woods analysts Wood Lay and William Jones, credited Fehlman for playing an instrumental role in growing Simmons First from less than $1 billion in assets to the $27 billion it holds now.
Before joining Simmons First in 2013, Makris worked at M. K. Distributors, serving as its president from 1985 on. He also served on the board of directors of Worthen National Bank and its successors from 1985 to 1996, including as chairman from 1994 to 1996.
“George Makris … is well equipped to handle the responsibilities of the dual [CEO and chair] role and, in our view, is well respected amongst the investor community based on his previous experience,” KBW’s Lay said in an email. “This experience, paired with SFNC’s deep bench (President Jay Brogdon, CFO Daniel Hobbs, newly hired COO Chris Van Steenberg) sets SFNC up well for the upcoming transition.”
