Valley National Corp., whose largest subsidiaries are The Valley National Bank of Arizona and Valley Bank & Trust Company of Utah, announced the retirement of James P. Simmons, the corporation's chairman and chief executive officer.
Simmons' retirement had been expected and was announced last May as part of the corporation's Executive Management Succession Plan.Also announced was the election of Richard J. Lehmann to the post of chairman and chief executive officer of Valley National Corp. and The Valley National Bank of Arizona, and Robert F.B. Logan to the post of president and chief operating officer of Valley National Corp. and The Valley National Bank of Arizona. Logan was also elected a director of Valley National Corp. and The Valley National Bank of Arizona.
These changes were approved by the directors of the corporation at the Dec. 20 board meeting and are effective Jan. 2, 1990.
Simmons, who recently turned 65, became chairman of Valley National Corp. in February 1988, after his retirement as chairman of United Bancorp of Arizona which had just been purchased by Citicorp. His major goal for Valley National was to develop a professional management team that could guide the corporation through the next decade and maintain the corporation's status as the dominant financial institution in its region.