(BusinessWire) - Nashville-based trust company marks milestone amid significant growth. The Board of Directors of Cumberland Trust, an independent trust company, today announced the appointment of Jennie Menzie as President and her election to the Board of Directors. As a result of the promotion, Menzie will now serve as President, Chief Operating Officer, and Corporate Counsel.
The former president, Joseph K. "Pepe" Presley, will continue to serve in his role as Chairman of the Board and CEO. This leadership transition comes as Cumberland Trust marks 20 years in service guiding families through the wealth transfer process in Tennessee and beyond.
"As we celebrate our momentous 20-year anniversary, the Board agreed the time was right for the next president," said Presley. "Jennie has been with Cumberland Trust for nearly 10 years and has proven herself to be an invaluable member of our executive management team. She has provided great focus to our market growth, and we are excited to continue our strategic growth under her stewardship."
Menzie joined Cumberland Trust in 2012 and has served as Chief Operating Officer and Corporate Counsel since 2019. In her newly elected role, she will manage all day-to-day operations, while driving the company’s vision for the future. She will continue to lead strategic initiatives, oversee the company’s long-range planning goals, and advise on legal fiduciary and corporate governance matters.
Prior to joining Cumberland Trust, Menzie served as Vice President at Thompson & Associates focused on charitable estate planning, Assistant General Counsel of WebMD Envoy, Senior Tax Consultant at Arthur Andersen, and practicing attorney at Waller Lansden Dortch & Davis.
"I am honored to be named president and thank Pepe for his leadership that brought us to this important milestone," said Menzie. "I’d like to recognize our team members who each day go above and beyond to earn the sincere trust of our clients and the communities in which we serve. Our success over the last 20 years is undoubtedly the result of our focus on best-in-class client service since day one."
This announcement comes as Cumberland Trust also achieves an important milestone of reaching $5 billion in assets under administration. Since the company’s founding in Nashville, Cumberland Trust has grown to more than 120 employees, serving clients in 47 states. Although Cumberland Trust has expanded immensely, its administration, legal, and executive teams remain centrally located in its Nashville headquarters, providing clients with efficiencies and access to Tennessee’s favorable trust laws.
Two decades ago, the founders of Cumberland Trust set out to find customized solutions to trust and estate administration that create peace of mind for clients and their families. As a corporate trustee, Cumberland Trust is a neutral third party that handles the day-to-day management of personal trusts and estates—a positive solution for families with complex dynamics from aging concerns, to blended families, to those living with illness or a disability. This model allows Cumberland Trust to collaborate with a family’s or individual’s chosen accountant, estate planning attorney, and financial advisor to help guide the wealth transfer process. Over the years, Cumberland Trust has developed special expertise and a dedicated team to support special asset administration, special needs trust administration, and distinctive care services.
Cumberland Trust is set to continue its recent growth. The company has hired 26 employees in 2021. The state of Tennessee remains a desirable trust haven, with recent revisions to the Tennessee Trust Code that will make it even more competitive in the market.
Cumberland Trust continues to strengthen its presence in regional markets and has additional offices located in Atlanta, Austin, Chattanooga, Dallas, Knoxville, Memphis, Philadelphia, St. Louis, and Tampa-St. Pete.
About Cumberland Trust
Headquartered in Nashville, Tennessee, Cumberland Trust is a trust services firm founded in 2001 to focus on families. As a trusted advisor, at Cumberland Trust we work with our clients’ accountants, estate planning attorneys, financial advisors, and others to ensure that each family’s needs are met and that their values extend across generations. We achieve that with a team of individuals at Cumberland Trust who are the very best in the personal trust industry. From dealing with blended families, aging adults, special needs, or other modern dynamics, we have the experience to help clients and their advisors protect and prolong family legacies. For more information on Cumberland Trust and how we work with advisors for clients, visit cumberlandtrust.com.
Wed, September 15, 2021
