Retired BB&T CEO Allison named executive in residence at Wake Forest

Retired BB&T CEO John Allison has been named executive in residence with the BB&T Center for the Study of Capitalism at Wake Forest University.

Allison, a Charlotte native, served as the Winston-Salem-based bank’s chief executive from 1989 to 2008. During that time, BB&T grew from $4.5 billion to $152 billion in assets to become the 10th largest financial institution headquartered in the U.S.

He also steered the bank clear of investment in subprime mortgages and the complicated financial instruments that supported them during the financial crisis, unlike competitors. As CEO, Allison was known for being fond of philosophy – he would give senior managers a copy of Ayn Rand’s “Atlas Shrugged” – and skeptical of big government.

Also the retired president and CEO of the Washington-based Cato Institute, Allison has been recognized by the Harvard Business Review as one of the 100 most successful CEOs in the world over the last decade, according to a statement from Wake Forest Tuesday.

Allison received his bachelor’s degree in business administration from UNC-Chapel Hill and his master’s degree in management from Duke University. He is also the recipient of six honorary doctoral degrees.

This story was originally published November 25, 2015 at 7:08 AM with the headline "Retired BB&T CEO Allison named executive in residence at Wake Forest."