The Texas Economic Development Corporation has a new chairman.

J. Bruce Bugg, Jr. has been appointed by Governor Rick Perry as president and chairman of the Texas Economic Development Corporation for a term to expire at the pleasure of the governor.

Bugg will serve as senior advisor to the governor on economic development strategies and initiatives in Texas, as well as leading coordination on economic development efforts of the Texas Economic Development Corporation, the Governor’s Office of Economic Development and Tourism, and the Office of the Secretary of State.

Bugg is chairman and CEO of Southwest Bancshares and the Bank of San Antonio, among other leadership positions.

“Mr. Bugg’s background and accomplishments make him extremely qualified for this position,” said Perry. “His leadership and business-building experience will help strengthen our economic development efforts and ensure that Texas remains the best state for business.”