Tuesday, February 23, 2010

Business briefs: Kraft Asset Management joins Bright Sky Group

Nashville-based Kraft Asset Management joined Bright Sky Group, an alliance of 21 independent, fee-only investment advisers who agree to independent compliance reviews and a code of ethics supported with ongoing training and education.
The group's Web site says advisers may use Dimensional Fund Advisors, a mutual fund company emphasizing tax-efficient, structured portfolio funds managed to minimize transaction costs.

Kraft Asset Management is an affiliate of KraftCPAs in Nashville.


Regions reports officer changes

Birmingham, Ala.-based Regions Financial Corp., Nashville's largest bank, said Monday its chief financial officer, Irene Esteves, has resigned to pursue other interests and has been replaced with David Turner, previously head of internal audit for the bank.

The bank also said human resources director David Edmonds has been named chief administrative officer.

Regions previously announced the retirement of chairman and CEO Dowd Ritter, whom Gray son Hall will replace as president and chief executive officer effective April 1.

The bank has suffered losses four of the last five quarters, most recently recording a $606 million loss in the fourth quarter, mostly on beefing up its loan loss provision.

Separately, the bank also reported Monday that retiring CEO Ritter will be paid $475,000 in his first year as a consultant to Regions starting April 1, for performing no more than 75 days of work. His paycheck gradually reduces until the fifth and final year, when he will be paid $100,000.


Regions loses $606 million, says loan problems are easingShort Sale Transaction a Tall Order