Cumberland Trust announced Wednesday the appointment of Jennie Menzie as president and her election to the Nashville-based company’s board of directors.
According to a release, and related to the promotion, Menzie will continue to serve as chief operating officer and corporate counsel. Similarly, former president Joseph “Pepe” Presley will continue to serve as board chairman and CEO.
The leadership transition comes as the independently operated Cumberland Trust marks 20 years of providing financial services to high-net-worth individuals and families.
Menzie joined Cumberland Trust in 2012 and has served as COO and corporate counsel since 2019. In her new role, she will manage day-to-day operations and will continue to 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 (focusing on charitable estate planning), as assistant general counsel of WebMD Envoy, as senior tax consultant at Arthur Andersen and as a practicing attorney at Waller Lansden Dortch & Davis.
“As we celebrate our momentous 20-year anniversary, the board agreed the time was right for the next president,” Presley said in the release. “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.”
The announcement comes as Cumberland Trust recently reached $5 billion in assets under administration. Since the company’s founding in 2001, it has grown to more than 120 employees, serving clients in 47 states. Of note, the company has hired 26 employees in 2021.
Cumberland Trust also operates offices in Atlanta, Austin, Chattanooga, Dallas, Knoxville, Memphis, Philadelphia, St. Louis and Tampa-St. Petersburg.