Ted Peters' retirement as CEO and Chairman at Bryn Mawr Trust Corp., the biggest bank based on the Main Line, ought to be "smooth" and "seamless" because his day-to-day replacement is an insider's insider, writes Casey Orr, bank analyst at Sandler O'Neill + Partners, New York.
The CEO role will be filled by Frank Leto, 54, currently head of Wealth Managemen and also General Counsel at the bank, and a board member since 2002. But Leto won't be chairman; that will go to a "non-executive" director, as-yet unnamed. Peters, 64, will stay on the board. In a report to clients, Orr called Leto "very capable," and predicts no "dramatic change in the company's strategy."