On January 30, the board of directors of Cullen/Frost Bankers Inc., parent company of San Antonio-based Frost Bank, announced that two new directors, Marsha M. Shields and Jeff Rummel, have been elected to the board.
Shields is the CEO and managing partner of McCombs Enterprises and oversees the Red McCombs family’s core businesses, including Red McCombs Automotive Group, McCombs Energy Ltd. and McCombs Family Partners Ltd. She is also the president and director of the McCombs Foundation Inc., a trustee of the Texas Biomedical Research Institute and a member of the board of visitors of the University of Texas M.D. Anderson Cancer Center. She has also served on the board of Clear Channel Outdoor Holdings. Shields holds a bachelor’s degree from Duke University and completed an executive education program in accounting, finance and business management from the University of Texas–Austin.
Rummel served as the managing partner of Ernst & Young’s San Antonio office from 2020 to 2025. He was the lead audit partner for several publicly traded companies in the financial services sector, as well as various leadership roles at Ernst & Young for more than 37 years, giving him significant experience auditing and assessing risk at large complex financial institutions. He is also a board member of the Alamo Bowl. Rummel holds a bachelor’s degree from the University of Texas and is a retired certified public accountant.
“They’re both longtime Texans with plenty of business and policy experience, and their perspectives will be of value as we expand our company,” says Phil Green, chairman and CEO.
The board also announced that Chris Avery, who has been a director since 2015, will retire from board service when his term expires in April of this year. Avery, a licensed physician and board-certified anesthesiologist, also serves as chairman and former CEO of James Avery Craftsman Inc.
“We appreciate Chris’ service on our board, which coincided with major initiatives, like our organic expansion as well as critical situations like getting through the pandemic,” Green notes.
Established in 1868, Frost Bank serves the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions.
