Richard Adams Named CEO Of the Year Finalist by Independent Investment Research Firm
Richard Adams Named CEO Of the Year Finalist by Independent Investment Research Firm
Morningstar Inc. has selected Richard M. Adams, Chairman and CEO of United Bankshares, Inc., as one of its three nominees for the 2010 CEO of the Year award. Morningstar is a leading provider of independent investment research in the United States and in major international markets.
Richard Adams, Chairman and CEO of United Bankshares, Inc. (Photo: Business Wire)
Morningstar annually bestows this title on a chief executive officer who exhibits exemplary corporate stewardship, demonstrates independent thinking, creates lasting value for shareholders, and has put his or her stamp on their industry.
According to Paul Larson, Equities Strategist and Editor of Morningstar® StockInvestor™, “Richard Adams and United Bankshares stood out from the rest of the financial services industry because it was one of the few banking companies that did not take any sort of government rescue financing or TARP money, nor did it dilute its shareholders in order to avoid that government rescue. The company was able to maintain its dividend, unlike a lot of the other rescued companies. In fact, they actually raised their dividend through some of the downturn, which again, is contrary to what we saw with the vast majority of bank companies.”
The other two CEOs nominated with Adams are James Sinegal, CEO of Costco Wholesale Corporation, and Alan Mulally, CEO of Ford Motor Company. The winner will be announced in early January on CNBC.
United Bankshares is a $7.5 billion bank holding company and has 112 full-service offices in Virginia, West Virginia, Maryland, Ohio, and Washington, DC. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI."
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United Bankshares, Inc.
Amy Knell, 304-424-8748
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