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Coral Gables Trust, one of the fastest-growing trust and wealth management firms headquartered in Florida and a leading provider of Wealth Management, Trust and Estate, and Financial Planning services, recently announced the retirement of its co-founder and CEO James Davidson. Davidson immediately will assume the role of chair emeritus.
With Davidson’s retirement, the board unanimously appointed Donald A. Kress, who is secretary of the board and member of its board of directors, to serve as interim CEO while the board completes its succession planning. During the transition, Kress will be responsible for the day-to-day operations of the company, including strategic plan execution, finance, and marketing.
Davidson began his career at Goldman Sachs and has served as a director of many private companies, as well as a dedicated member of numerous civic and nonprofit organizations.
He co-founded Coral Gables Trust in 2004 and served as chair since its inception, with a focus on providing transparent, high-level wealth management for clients who may have investable assets below the minimum required by larger national institutions.
Coral Gables Trust has grown from a startup in Coral Gables to become the leading independent, privately-owned trust company in South Florida, with 40 professionals and having additional offices in Fort Lauderdale, Boca Raton, and West Palm Beach.
“This was a decision that I reached after much personal, family and professional reflection,” Davidson said. “Now that Coral Gables Trust’s differentiated strategy for strong growth is in place, driven by providing clients with flexible, creative, and timely services which are personalized for their specific needs, the time has come for new leadership to take the Firm to the next level.”
Kress joined Coral Gables Trust after retiring from the Northern Trust Company in June 2014. He joined the Miami office of Northern Trust in October 1998 and served as the bank’s Fiduciary Practice Leader for Miami-Dade and Broward counties. He also acted as a senior trust administrator for a select group of high-net-worth clients.
Prior to joining Northern Trust, he managed various teams of trust and investment professionals for First Chicago Bank in Chicago, IL for approximately 12 years.
Kress is a member of the board of directors of the Vizcaya Museum & Gardens Trust Inc., is secretary and treasurer of the Peacock Foundation, and is a director of Philanthropy Miami. He earned an AB in English Literature from Dartmouth College in 1967 and a JD from the University of Pennsylvania Law School in 1971.
For more information, visit https://cgtrust.com.
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