Regions Financial CEO Ritter to retire on March 31

Regions Financial Corp. said Thursday its chief executive, Dowd Ritter, will retire on March 31 and be replaced the bank's president, Grayson Hall.

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The Regions board of directors elected Hall, 52, who is also the bank's chief operating officer, to replace the 62-year-old Ritter. Regions is Alabama's largest bank.

Ritter said he decided to announce his retirement because Regions is performing well in terms of new accounts and customer satisfaction. He said he also feels the economy is beginning to improve.

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The board Thursday also elected lead director Earnest Deavenport Jr. to be non-executive chairman.

Ritter has been CEO of Birmingham-based Regions since the merger with AmSouth Bancorp in 2006. Ritter had been AmSouth's CEO.