South Financial Group board member Darla Moore has resigned from financial services company’s board of directors, effective at year-end.
In a letter to TSFG Chairman C.B. Smith, Moore briefly outlined the reasons for her impending departure:
“As you know, I’ve been considering this matter for some time, primarily as a result of the level of other commitments that I have. Please understand that this has nothing to do with my level of support for TSFG or Carolina First Bank, and I certainly wish the Company nothing but the best, particularly as it traverses these difficult economic times.”
The past two years have been difficult for South Financial, which has lost hundreds of millions of dollars since 2007, including a net loss of $323.5 million during the three months ended Sept. 30.
South Financial’s stock is currently trading for less than 60 cents a share. Two years ago, the company was trading for around $15 a share.
Moore, a native of Lake City, SC, has given tens of millions of dollars to the University of South Carolina in recent years. USC’s business school is named for her. She has also made contributions to Clemson University.
A director since 2005, Moore is a vice president of Rainwater Inc., one of the nation’s largest private investment firms. She serves on the boards of the University of South Carolina and New York University Medical School and Hospital.
Moore also serves on the national advisory board of JP Morgan and the board of MPS Group Inc.