SAN ANTONIO, Texas — January 30, 2026
Executive Summary
Cullen/Frost Bankers, Inc. (NYSE: CFR) has announced changes to its board of directors, including the election of two new directors and the planned retirement of an existing board member. Marsha M. Shields and Jeff Rummel have been elected to the board, adding experience in business leadership, governance, finance, and risk oversight. The board also announced that Chris Avery, who has served as a director since 2015, will retire from board service upon the expiration of his term in April 2026. According to the company, the board changes support its ongoing governance framework as it continues to operate as a diversified financial holding company serving businesses and individuals across Texas. The announcement reflects a combination of board refreshment and leadership transition aligned with the company’s long-term oversight and succession planning practices.
Announcement Overview
Cullen/Frost Bankers, Inc. reported that its board of directors has elected Marsha M. Shields and Jeff Rummel as new members of the board, effective immediately. The company stated that both individuals bring experience relevant to the oversight of a publicly traded financial holding company, including leadership roles in business operations, finance, and governance.
The board also confirmed that Chris Avery, a current director, will retire from board service when his term expires in April 2026. Avery has served on the Cullen/Frost board since 2015. According to the company, his tenure coincided with several periods of operational focus and external challenges.
The company indicated that the board actions reflect standard governance practices, including the periodic refreshment of board composition and the planned transition of long-serving directors. The announcement did not disclose changes to board committee assignments or additional governance modifications at this time.
Key Announcement Details
- Announcement type: Board appointments and director retirement
- Company: Cullen/Frost Bankers, Inc.
- Public listing: New York Stock Exchange (NYSE: CFR)
- New directors elected: Marsha M. Shields; Jeff Rummel
- Director retirement: Chris Avery
- Retirement effective: Upon term expiration in April 2026
- Board scope: Parent company board of directors
- Headquarters: San Antonio, Texas
- Release date: January 30, 2026
Strategic Context
According to the company, board composition and governance oversight are central to Cullen/Frost Bankers’ role as a financial holding company with banking, investment, and insurance operations. The election of new directors and the retirement of an existing board member align with customary governance practices designed to maintain a balance of continuity and refreshed expertise.
Cullen/Frost operates through Frost, its primary banking subsidiary, serving a broad range of commercial and consumer clients across multiple Texas regions. As a publicly traded institution, the company’s board is responsible for oversight of management, strategic direction, risk management, and regulatory compliance.
The company noted that Shields and Rummel bring professional backgrounds that align with these oversight responsibilities. Their appointments follow a period of continued asset growth and operational activity, as Frost reported total assets of $53 billion as of December 31, 2025.
Leadership Statement
“We’re glad to be able to add Marsha and Jeff to the board, and we look forward to the addition of their knowledge and experience,” said Phil Green, Chairman and Chief Executive Officer of Cullen/Frost Bankers, Inc. “They’re both longtime Texans with plenty of business and policy experience, and their perspectives will be of value as we expand our company.”
Marsha M. Shields: Background and Experience
Marsha M. Shields serves as Chief Executive Officer and Managing Partner of McCombs Enterprises, where she oversees the core businesses of the Red McCombs family. According to the company, these businesses include Red McCombs Automotive Group, McCombs Energy Ltd., and McCombs Family Partners Ltd.
In addition to her executive leadership role, Shields serves as president and director of the McCombs Foundation, Inc., which supports a range of philanthropic initiatives. Her governance experience includes service as a trustee of the Texas Biomedical Research Institute and as a member of the Board of Visitors of The University of Texas M.D. Anderson Cancer Center.
Shields has also served on the board of Clear Channel Outdoor Holdings, providing experience with publicly traded corporate governance. Her background reflects involvement across private enterprise, nonprofit governance, and philanthropic leadership.
Shields holds a bachelor’s degree from Duke University. She also completed an executive education program in accounting, finance, and business management at The University of Texas at Austin. According to the company, her experience overseeing diversified businesses and participating in governance roles contributes to the board’s collective expertise.
Jeff Rummel: Background and Experience
Jeff Rummel brings experience in audit, risk assessment, and financial services oversight to the Cullen/Frost board. He served as managing partner of Ernst & Young’s San Antonio office from 2020 through 2025.
During his career at Ernst & Young, Rummel held leadership roles for more than 37 years. According to the company, he served as lead audit partner for several publicly traded companies in the financial services sector. His professional background includes experience auditing and assessing risk at large, complex financial institutions.
Rummel is a retired certified public accountant. In addition to his professional career, he serves as a board member of the Alamo Bowl, reflecting involvement in community and nonprofit organizations.
He holds a bachelor’s degree from The University of Texas. The company stated that his experience in audit, governance, and financial risk oversight is relevant to the board’s responsibilities as a financial holding company.
Board Refreshment and Governance Continuity
Cullen/Frost stated that the addition of Shields and Rummel reflects a combination of governance continuity and board refreshment. Both new directors are described as longtime Texans with professional experience across business, finance, and public service sectors.
The company did not indicate changes to board committee structures or assignments in the announcement. Such matters are typically addressed through subsequent governance disclosures or regulatory filings.
According to the company, board composition is reviewed periodically to ensure alignment with the organization’s oversight needs, regulatory environment, and long-term strategy.
Chris Avery: Board Service and Retirement
The board also announced that Chris Avery will retire from board service when his current term expires in April 2026. Avery has served as a director of Cullen/Frost Bankers, Inc. since 2015.
Avery is a licensed physician and board-certified anesthesiologist. He also serves as chairman and former chief executive officer of James Avery Craftsman, Inc., a Texas-based jewelry retailer.
According to the company, Avery’s board tenure coincided with several significant periods, including organic expansion initiatives and operational challenges associated with the COVID-19 pandemic.
Leadership Statement on Avery’s Retirement
“We appreciate Chris’s service on our board, which coincided with major initiatives like our organic expansion as well as critical situations like getting through the pandemic,” said Green. “We all congratulate him on his well-deserved retirement.”
Board Oversight and Institutional Role
Cullen/Frost Bankers’ board of directors is responsible for overseeing the company’s strategic direction, financial performance, risk management framework, and regulatory compliance. The board works with executive management to support the company’s banking, investment, and insurance operations.
The company operates through Frost, which maintains a presence across several Texas markets, including Austin, Corpus Christi, Dallas, Fort Worth, Houston, the Permian Basin, the Rio Grande Valley, and San Antonio. Frost provides services to businesses and individuals, with offerings spanning traditional banking, investment services, and insurance products.
As a financial holding company, Cullen/Frost Bankers is subject to oversight by federal and state banking regulators. Board governance plays a central role in meeting regulatory expectations and maintaining sound operational practices.
Company Scale and Operating Footprint
As of December 31, 2025, Cullen/Frost Bankers reported total assets of $53 billion. According to the company, this places Frost among the 50 largest U.S. banks by asset size.
Founded in 1868, Frost has operated continuously for more than 150 years. The company stated that it has supported customers through multiple economic cycles and periods of change.
The company’s long operating history and regional focus are central to its business model. Board oversight is positioned as a key component in maintaining continuity while adapting to evolving market and regulatory environments.
About Frost
Frost is the banking, investments, and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR). Headquartered in San Antonio, Texas, Frost provides a full range of banking, investment, and insurance services to businesses and individuals across multiple Texas regions.
The company serves customers in Austin, Corpus Christi, Dallas, Fort Worth, Houston, the Permian Basin, the Rio Grande Valley, and San Antonio. Frost offers services to commercial and consumer clients and emphasizes long-term customer relationships.
Founded in 1868, Frost has operated across three centuries. According to the company, its operations focus on meeting the financial needs of Texans through a combination of local market presence and diversified financial services.
Additional information about Frost and Cullen/Frost Bankers is available at the company’s website.
Media and Investor Contacts
AB Mendez
Investor Relations
Phone: 210-220-5234
Bill Day
Media Relations
Phone: 210-220-5427
Source Attribution
Source: Company announcement
