Simmons First National Corp. Chair and CEO George Makris Jr. will retire from the company and its subsidiary Simmons Bank, the company said Monday.

President Jay Brogdon will assume the additional role of CEO and join the board, effective Jan. 1, 2026. Marty Casteel, a former chair, CEO and president of Simmons Bank who is now a director on the board, will become chair of both entities Jan. 1, the company noted. Casteel’s tenure at Simmons Bank spans over 30 years. 

“We are very thankful to George for his decade-plus tenure as CEO, overseeing the Company's geographic transformation that led to a period of unprecedented growth, often during complex and challenging environments,” Steve Cosse, lead independent director of Simmons First National Corp., said in a statement.

“Under George's leadership, the Board has taken a deliberate and measured approach to succession planning,” which has led to the building of a “talented executive leadership team with a long runway,” he added.

Makris retook the helm of the roughly $27 billion-asset company earlier this year when its then-CEO Robert Fehlman stepped down to focus on personal interests and family medical issues. Makris had served as chair and CEO from 2014 to 2022.

“The Board and I are confident the time is right for this transition, and Jay is well-prepared to succeed in his new role,” Makris said in a statement Monday. “Marty has been a trusted colleague for many years and is eminently qualified to serve as independent Chairman.”

Brogdon joined the Pine Bluff, Arkansas-based company in 2021 as CFO and became the president in 2023. Prior to joining Simmons, Brogdon worked at Stephens for 13 years and most recently as managing director and as a senior accountant at Deloitte for four years. 

“I am honored to lead Simmons and humbled to follow in the footsteps of George, Tommy May and the many incredible leaders who came before me,” Brogdon said in a prepared statement. “Simmons is committed to building value for our customers, communities, and shareholders, and our team does this with great integrity and passion. We will continue to build upon our longstanding culture and are excited about the opportunities ahead.”

Brogdon had been seen as a likely successor and is taking over after significant groundwork has been laid, analysts at Raymond James said.

Brogdon took additional responsibilities this year, including overseeing the bank’s information technology department, which “places him in an even better position for taking on the CEO role,” the Raymond James analysts wrote Monday.

The analysts noted that under Makris’s leadership, Simmons transformed from an Arkansas community bank into a major regional institution spanning six states and successfully navigating several challenging business environments. 

The announcement also signals substantial progress on key internal initiatives, including the ongoing Better Bank Initiative and a recent held-to-maturity securities restructuring, the analysts said.

They highlighted Brogdon’s “instrumental role in these initiatives, where he has had a material impact on the company and its strategic direction since joining the bank just a few years ago.”

Meanwhile, Casteel’s “extensive experience and in-depth understanding of SFNC ... will prove an invaluable resource for Mr. Brogdon as he takes the helm,” they wrote.

In July, Simmons announced a public offering of 16,220,000 shares of its Class A common stock priced at $18.50 per share. Additionally, underwriters were given a 30-day option to purchase up to 2,433,000 additional shares at the same price with less underwriting discounts.

The offering raised roughly $326.9 million for Simmons after deductions. Simmons plans to use the proceeds for general corporate purposes, which might include investments in Simmons Bank to support a $3.2 billion balance sheet repositioning that the lender completed July 24, law firm Troutman Pepper Locke noted in a blog post.

However, analysts at Keefe, Bruyette & Woods said they do not expect a “strategy shift.”

Raymond James analysts said they “see the appointment relieving some uncertainty while also providing confidence that the forward outlook remains on track.”