MEMPHIS, Tenn., Jan. 29, 2007 (PRIME NEWSWIRE) -- First Horizon National Corp. (NYSE:FHN) announced today that J. Kenneth Glass, chairman of the board and chief executive officer, will retire effective April 17, 2007, the date of the company's annual meeting. Effective immediately, the board has named Michael D. Rose, 64, long-time First Horizon board member, chairman of the board. Also effective immediately, the company's chief operating officer, Jerry Baker, 63, was appointed chief executive officer and will join First Horizon's board of directors.
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Glass, 60, will remain with the company in a transition role until his retirement and will work closely with Rose and Baker. Glass will also serve as a consultant to the company until Dec. 31, 2007.
"As a member of the board of directors for more than 20 years, I have witnessed and participated actively in First Horizon's rapid growth from a regional bank serving Tennessee to a leading independent national financial services institution," said Rose. "I am very excited about the opportunity to roll up my sleeves and work directly with my fellow talented board members and the strong management team at First Horizon to re-start the company's growth. First Horizon is a special company that has a long history of performance and shareholder value creation. The board and I are committed to retaining First Horizon's independence and believe that as an independent company, we will be better able to create superior shareholder value, and we intend to demonstrate that."
Commenting on Glass' retirement, Rose said, "In his three decades with the organization, Ken Glass has been instrumental in First Horizon's success, profitability and national expansion. On behalf of the entire board and the employees and customers at First Horizon, we thank him for his leadership and contribution as chairman and CEO. Jerry Baker and I appreciate his commitment to working with us during this transition period."
Rose continued, "Jerry Baker is a strong strategic leader and first class executive with 25 years of banking and mortgage banking experience and a successful track record in leading First Horizon's growth and national expansion. His experience and ability to build and develop successful business models make him the right person to lead the company through its next phase of growth. Working closely with Jerry and his team, the board will continue to focus aggressively on a long-range plan that will create further value for the company's shareholders and employees and the communities we serve."
Rose is chairman of the executive committee of the Gaylord Entertainment Co. board of directors. Rose served as the chairman of Gaylord's board from April 2001 until April 2005. He also serves on the boards of Darden Restaurants, General Mills Inc. and SteinMart Inc.
"I have great confidence in our direction, and I am excited about the opportunity to lead First Horizon," said Baker. "Ken has been great to work with and has positioned the company well. I look forward to working with Mike and our outstanding management team to generate long-term returns for all our constituents. Our first priority is to continue to execute on our existing strategies to produce solid results and grow the company while carefully managing the company's interest rate sensitivity and volatility."
Since 1983 Baker has held senior management positions in the banking and financial services industry at BankAmerica Corp., Countrywide Credit Industries and Fleet Mortgage Group. He joined First Horizon in 1998 as president of the mortgage banking group and in 2001 became president and CEO of First Horizon Home Loan Corp. He became COO of First Horizon National Corp. and First Tennessee Bank N.A. in January 2006. He holds a BS degree in marketing from the University of Southern California and an MBA from California State University at Long Beach.
Commenting on his retirement, Glass said, "After more than 30 years with First Horizon, I feel extremely positive about this decision to retire and spend more time with my family. First Horizon has been my focus for decades, and I couldn't be prouder of our successes in building a nationally recognized leader in the banking industry. I am optimistic that under the leadership of Mike and Jerry the company will be successful in 2007 and beyond. I want to thank all of my colleagues over the span of my career at the company for their support and guidance, and I retire knowing that we created something special."
About First Horizon
The 12,000 employees of First Horizon National Corp. (NYSE:FHN) provide financial services to individuals and business customers through hundreds of offices located in more than 40 states. The corporation's three major brands -- FTN Financial, First Horizon and First Tennessee -- provide customers with a broad range of products and services including:
* Capital markets, one of the nation's top underwriters of U.S. government agency securities * Mortgage banking, one of the nation's top mortgage originators and recipient of consecutive awards for servicing excellence from Fannie Mae and Freddie Mac * Retail/commercial banking, with the largest market share in Tennessee and one of the highest customer retention rates of any bank in the country
FHN companies have been recognized as some of the nation's best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation's 100 best corporate citizens by Business Ethics magazine. More information can be found at www.fhnc.com.
The photos are also available via AP PhotoExpress.
