Bank of Floyd gets new CEO and chairman
- June 4, 2012
A board of directors elected in a proxy fight at Floyd-based Cardinal Bankshares Inc. has named a CEO and a chairman.
Michael Larrowe is the new chief executive officer of Cardinal Bankshares and its banking subsidiary, Bank of Floyd.
In addition, John Paul Houston has been selected as chairman of the boards of both the parent company and the bank.
He is one of three directors elected to the board on May 22 in a heated proxy challenge led by North Carolina investor Douglas Shaller, the bank’s largest shareholder.
“We were elected because shareholders believed that the right people could make a good bank better,” Houston said in a statement.
The five-member boards of the bank and the parent company include Houston, Larrowe, T. Mauyer Gallimore, James Shortt and Dr. Joseph Conduff.
In addition to Houston, Gallimore and Shortt were elected in the proxy fight while Conduff is an incumbent who was re-elected to the board. Two other incumbent directors, Kevin D. Mitchell and G. Harris Warner Jr., were re-elected to the board but resigned citing concerns about its future effectiveness.
Larrowe replaces Leon Moore, who was president and CEO. Larrowe joined the bank last year as its executive vice president.
He previously was chief administrative officer and executive vice president of Waccamaw Bank in Whiteville, N.C.