SunTrust's new appointee will not join companyThe Associated Press
ATLANTA -- SunTrust Banks Inc. announced Monday that David Stevens will not join the company's mortgage business as previously announced.
The company announced in May that it had appointed Stevens, who is president and CEO of the Mortgage Bankers Association, as president of Sun Trust Mortgage beginning July 16.
SunTrust said Monday that the company and Stevens mutually agreed that he will not join the company as planned and remain in his post at the industry group. A company spokesman was not immediately available to provide further details on the decision.
The Atlanta-based bank's shares rose 38 cents to $24.61 in midday trading.