Frost Bank Parent Company Cullen/Frost Announces Board Refresh, Adding McCombs Heir and Former EY Partner
In a move signaling a strategic refresh of its governance, San Antonio-based Cullen/Frost Bankers Inc. (NYSE: CFR) has announced two new appointments to its board of directors. Marsha M. Shields, the CEO of McCombs Enterprises and daughter of the late billionaire B.J. "Red" McCombs, and Jeff Rummel, the recently retired managing partner of Ernst & Young's San Antonio office, have been elected as directors.
The appointments come as Dr. Chris Avery, a board member since 2015 and Chairman of James Avery Craftsman Inc., will retire upon the expiration of his term in April. Upon his departure, the board will return to 14 members.
"We are delighted to welcome Marsha and Jeff to the Cullen/Frost board," said Phil Green, Chairman and CEO of Cullen/Frost. "Their distinct perspectives—Marsha's deep roots in Texas business and philanthropy, and Jeff's extensive financial auditing and advisory expertise—will be invaluable as we execute our growth strategy across the state." Green also extended gratitude to the retiring Dr. Avery for his nearly decade of service, particularly through the bank's significant branch expansion and the challenges of the pandemic.
The board refresh underscores the $53 billion-asset bank's focus on strengthening ties with pivotal Texas business dynasties while reinforcing financial governance. Shields oversees the core McCombs family businesses spanning automotive, energy, and investments. Her election continues a long-standing relationship between the McCombs family and the San Antonio financial institution. Rummel brings 37 years of experience at EY, including serving as lead audit partner for several financial services firms. His insight is particularly relevant as EY currently serves as the bank's auditor.
The leadership update follows a period of robust growth for Frost Bank, which has expanded its Texas branch network by 57% since 2018, now operating 206 locations. The bank recently reported full-year 2025 earnings of $648.6 million, surpassing analyst expectations.
Market Voices: Reactions to the Board Shuffle
Eleanor Vance, Banking Analyst at Lone Star Capital Insights: "This is a classic, prudent Texas banking move. Bringing in Shields solidifies community and legacy ties, which are currency here. Rummel's appointment is a clear nod to institutional investors wanting audit committee expertise. It's a balanced ticket."
Carlos Mendez, Small Business Owner in Houston: "As a Frost customer, I like seeing local names connected to big local families on the board. It feels like the bank's decisions are made by people who understand our economy. Hopefully, Ms. Shields' perspective helps them keep supporting Texas businesses like mine."
David R. Kim, Governance Consultant & Shareholder Advocate: "Let's be real. Appointing the daughter of a legendary billionaire and your own auditor's former partner? This does little to counter the 'old boys' club' perception. While qualified, these picks seem more about consolidating existing power networks than bringing disruptive, independent thinking. Shareholders should watch for true diversity of thought, not just resumes."
Patricia Lawson, Professor of Finance, University of Texas at Austin: "The simultaneous appointment of a major family business representative and a top-tier audit expert is strategically sound. It addresses two key post-pandemic boardroom priorities: risk oversight and deep stakeholder connectivity. Rummel's experience navigating complex financial regulations is a significant asset in today's environment."