Is Synovus banking on Jim Blanchard?

Columbus Ledger-Enquirer

It’s been a painful year for Synovus Financial Corp. and its management, rank-and-file employees and shareholders.

The regional banking firm, which has its headquarters in Columbus, has suffered through several quarterly losses, written off hundreds of millions of dollars in failed real estate loans, and is in the process of cutting 850 positions out of its companywide work force.

On top of that, Synovus lost its president and chief operating officer, Fred Green, a month ago when he resigned suddenly and inexplicably.

 … Boards of directors, by design, typically have a certain members-only “mystique” about them, said Paul Lapides, director of the Corporate Governance Center at Kennesaw State University.

But, Lapides said, boards in general are very straightforward. Their purpose is to oversee and promote the best interests of the corporation and its shareholders.

“They’re hiring, retaining, motivating, monitoring and, when necessary, firing the CEO and other principle officers,” he said. “They oversee the mission of the company’s strategies and objectives.”

Day-to-day operations and activities are generally left to executive officers such as Anthony and the recently departed Green, who the CEO expects to replace within a few months.

Executive committees on a board are somewhat unique, Lapides said. Very few firms have them, although those that do are usually on larger boards. For instance, Synovus has 17 directors, two advisory directors and 11 emeritus, or honorary, directors.

It’s almost like those sitting on an executive committee are “super directors,” Lapides said.