By Scott Miller
smiller@scbiznews.com
Published March 12, 2010

The number of directors to leave the board of The South Financial Group has now grown to five.

The Greenville-based company announced Thursday that directors Challis Lowe and J.W. Davis would not seek re-election. Additionally, Mary Gentry, South Financial’s executive vice president of investor relations, has resigned.

South Financial said in February it would review the size and composition of its board with the expectation that more directors would depart. Darla Moore announced her resignation from the board in December. Donald T. Heroman and William P. Brant resigned in February.

Previous coverage
South Financial Group cuts board pay; Two more directors resign

Right now, 11 people serve on South Financial’s board, including Lowe and Davis.

Lowe and Davis will serve the remainder of their terms, which expire at the company’s 2010 annual meeting. The date of the annual meeting has not been announced. It’s typically in May.

Neither resigned because of disagreements with the company, South Financial said in a filing with the Securities and Exchange Commission.

Lowe joined the board in 2006. She is senior vice president of organizational development and human services for Ascension Health based in St. Louis. She formerly served as executive vice president of Dollar General Corp.

Davis has been with South Financial since 2003 when the company acquired MountainBank Financial Corp., where he served as president and CEO. He is now chairman of North Carolina operations for South Financial’s Carolina First bank.

Gentry resigned this month. She had been with South Financial since 1991 and was named an executive vice president in 2006.

Roy Jones now has the title of executive vice president, director of finance and investor relations.