The Bank Insurance and Securities Association will name Sam Guerrieri president in 2012.
Sam Guerrieri is listed as president-elect in the trade's group's board members section, but he will not become president of BISA until 2012, according to current BISA's president, Marc Vosen.
Guerrieri, who is a senior vice president at M&T Bank, was to take over in 2011 but last year BISA officers agreed to keep their current positions for a third year instead of the usual two-year term.
“Every BISA officer decided to extend the term by a year because there was so much flux in the industry,” said Vosen, the head of Key Investment Services. “Last year we all agreed to stay on for another year to ensure continuity.” Therefore although Guerrieri was chosen as president-elect for 2011 originally, he will not take over as president until 2012.
For continuity purposes, BISA presidents serve on the board in the role of past president for the first year of the new president’s term, while the next president enters the picture at the beginning of the active president’s second year, Vosen explains. But because of the agreement to extend everyone’s term by a year, Guerrieri is in fact president elect, but will be so for two years because of the extended term.