By John C. Asbury
When I was in the process of transitioning into my role as CEO of Atlantic Union Bank, I found myself engaged in a frank discussion with my predecessor about the bank’s future, and about how much the industry had changed over the course of our careers. As I spoke with him about my plan to transform this very traditional community bank in preparation for crossing the $10 billion threshold, he commented to me quite candidly, “John, I wouldn’t have hired me for this job today. I’m simply not qualified.”
This was a CEO who had had a long and incredibly successful banking career, who had sat at the helm of the bank for almost three decades, and overseen its growth from a $180 million bank to the $8.5 billion bank it was when I took over. And my response to him was, “I couldn’t have done what you did.” I simply couldn’t have navigated that period with the same degree of success.
One of the challenging — and I would argue exciting — things about our industry is that it is always growing and changing. We embrace novel technologies, new ways of doing business, different strategies for reaching our customers where they are. So it follows that what we need from bank leaders is constantly evolving, too.
When I look across the banking sector today, one of the biggest challenges we face is finding leaders who have the breadth of experience and knowledge to fill C-level jobs. Today’s banking C-suite requires integrators — leaders who can tap into a broad expertise and diverse corners of insight to solve problems together. The folks who can break down silos and bring together cross-functional teams. The ones who can see the big picture.
ABA is focused on supporting the development of the next generation of visionary bank leaders through programs like the Stonier Graduate School of Banking — a rigorous academic experience that provides an opportunity for up-and-coming leaders to both broaden and deepen their knowledge of the industry and what it takes to lead an organization at the highest level.
As we all look ahead to the future of our banks and succession planning, Stonier is a worthwhile investment for anyone with C-suite potential. (Applications are currently being accepted at aba.com/Stonier for this year’s session, which begins in June.)
The other thing we need from the bank leaders of tomorrow is for them to be engaged on the issues facing our industry. We need leaders who are willing to stand up and advocate on behalf of the people we serve.
There are so many existential challenges on the horizon — from fraud and cyber risk, to innovation, to the ever-increasing regulatory burden. So I encourage you, if you have a rising star or two at your bank, talk to them about how important it is to become an advocate. A great way for them to start is by attending the ABA Washington Summit, now April 7-9, and the concurrent Emerging Leaders Forum.
There are so many talented, motivated young bankers today who want to make a difference. By lifting up these emerging leaders and helping them develop the skills they need for success, we can ensure that the future of banking remains bright.
John C. Asbury is chair of ABA and CEO of Atlantic Union Bank in Richmond, Virginia.
