San Antonio, February 3, 2026
Cullen/Frost Bankers Inc. has elected Marsha M. Shields and Jeff Rummel to its board, effective January 30, 2026, while Chris Avery will retire in April 2026. These changes aim to enhance the board’s expertise and drive the company’s growth strategies in the financial services sector.
San Antonio, Texas
Cullen/Frost Bankers Inc., the parent company of Frost Bank, has announced the election of Marsha M. Shields and Jeff Rummel to its board of directors, effective January 30, 2026. Additionally, Chris Avery, a director since 2015, will retire from the board when his term expires in April 2026.
Marsha M. Shields is the CEO and Managing Partner of McCombs Enterprises, overseeing the Red McCombs family’s core businesses, including Red McCombs Automotive Group, McCombs Energy Ltd., and McCombs Family Partners Ltd. She also serves as president and director of the McCombs Foundation, Inc., a trustee of the Texas Biomedical Research Institute, and a member of the Board of Visitors of the University of Texas M.D. Anderson Cancer Center. Shields holds a bachelor’s degree from Duke University and completed an executive education program in accounting, finance, and business management from the University of Texas at Austin.
Jeff Rummel served as the managing partner of Ernst & Young’s San Antonio office from 2020 to 2025. With over 37 years at Ernst & Young, he held various leadership roles, including lead audit partner for several publicly traded companies in the financial services sector. Rummel is also a board member of the Alamo Bowl and holds a bachelor’s degree from the University of Texas. He is a retired certified public accountant.
Chris Avery, a licensed physician and board-certified anesthesiologist, has been a director since 2015. He also serves as chairman and former CEO of James Avery Craftsman, Inc. Avery’s term will conclude in April 2026, marking his retirement from the board.
These appointments and retirements reflect Cullen/Frost Bankers Inc.’s ongoing efforts to enhance its board with experienced leaders from diverse sectors, aiming to support the company’s growth and strategic initiatives.
Key Benefits of Board Changes
The recent board changes at Cullen/Frost Bankers Inc. highlight a commitment to innovating leadership in the financial services sector. By electing Marsha M. Shields and Jeff Rummel, the firm is positioning itself to leverage their extensive experience in both entrepreneurship and public accounting. Shields brings a wealth of experience from managing multi-faceted businesses under the McCombs umbrella, and Rummel’s extensive background with Ernst & Young ensures a strategic focus on financial integrity and oversight.
This type of strategic board composition plays a vital role in fostering a growth-oriented culture that is imperative for enhancing the Bexar County economy. By prioritizing experienced leaders, Cullen/Frost aims to navigate the complexities of modern banking and the myriad of challenges that face financial institutions today.
A New Chapter for Cullen/Frost
The retirement of Chris Avery will conclude a significant chapter in Cullen/Frost’s board, marking the departure of a director who has contributed effectively since 2015. His experience as chairman and former CEO of James Avery Craftsman, Inc. has undoubtedly enriched the board’s understanding of business dynamics in the retail sector, which is crucial for a bank that services various local businesses.
As the board welcomes Shields and Rummel, it reinforces Cullen/Frost’s dedication to a balanced approach between traditional banking practices and innovative growth strategies, which is essential in a rapidly evolving financial landscape.
Significance of Diverse Experiences
Incorporating directors from varied professional backgrounds fosters holistic decision-making that benefits the corporation. With Shields overseeing a family of businesses and Rummel offering insights from both a regional and international perspective within the accounting profession, Cullen/Frost is well-equipped to enhance its service offerings. This diversity can drive new initiatives that may ultimately benefit the small business sector in San Antonio, encouraging entrepreneurship and innovation.
Encouraging Local Growth
These leadership changes come at a time when San Antonio’s economy is showing resilience. As small businesses continue to adapt and thrive amid economic fluctuations, banks capable of offering tailored support—backed by insightful leadership—are more important than ever. Cullen/Frost’s proactive measures in board selection may prove to be a positive catalyst for broader economic growth across Bexar County and beyond.
Conclusion
The recent changes to the board of directors at Cullen/Frost Bankers Inc. signify a strategic investment in leadership that is key for future success. As Marsha M. Shields and Jeff Rummel prepare to guide the company, the potential for enhanced service delivery and support for local businesses is promising. The community is encouraged to pay attention to these developments and consider engaging with local financial institutions to ensure their business needs are met, thereby contributing to the continuing economic growth of San Antonio, TX.
Frequently Asked Questions (FAQ)
Who are the new directors elected to Cullen/Frost Bankers Inc.’s board?
Marsha M. Shields and Jeff Rummel have been elected to the board, effective January 30, 2026.
What are Marsha M. Shields’ qualifications?
Shields is the CEO and Managing Partner of McCombs Enterprises, overseeing the Red McCombs family’s core businesses. She holds a bachelor’s degree from Duke University and completed an executive education program at the University of Texas at Austin.
What is Jeff Rummel’s professional background?
Rummel served as the managing partner of Ernst & Young’s San Antonio office from 2020 to 2025 and has over 37 years of experience at Ernst & Young, including leadership roles in auditing publicly traded companies in the financial services sector. He holds a bachelor’s degree from the University of Texas and is a retired certified public accountant.
Who is retiring from the board?
Chris Avery, a director since 2015, will retire from the board when his term expires in April 2026. He is also the chairman and former CEO of James Avery Craftsman, Inc.
What is the significance of these board changes?
The appointments of Shields and Rummel, along with Avery’s retirement, reflect Cullen/Frost Bankers Inc.’s efforts to enhance its board with experienced leaders from diverse sectors to support the company’s growth and strategic initiatives.
Key Features of the Board Changes
| Feature | Details |
|---|---|
| New Directors | Marsha M. Shields and Jeff Rummel |
| Effective Date | January 30, 2026 |
| Retiring Director | Chris Avery |
| Retirement Date | April 2026 |
| Shields’ Role | CEO and Managing Partner of McCombs Enterprises |
| Rummel’s Role | Former Managing Partner of Ernst & Young’s San Antonio office |
| Avery’s Role | Chairman and former CEO of James Avery Craftsman, Inc. |
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