The longtime face of TrustCo Bank Corp, Robert A. McCormick, is further loosening his grip on the company and stepping down as its chairman.
The bank holding company announced Tuesday that McCormick will resign from the top seat on TrustCo’s board of directors on Jan. 1. McCormick will retain a seat on the board as a director, and his son, Robert J. McCormick, will become chairman at the beginning of 2009.
The father-son handoff follows Robert J. McCormick’s rapid accession through the board, which he joined in June 2005. Eighteen months before that appointment, the junior McCormick was appointed TrustCo’s president and chief executive officer.