E. Stephen Lilly is set to retire as COO of First Community Bankshares Inc., effective Dec. 31.

Lilly has served in the role since June 2000.

Jason Belcher will assume the position effective Jan. 1, 2020. Belcher currently serves as the Bluefield, Va.-based company's chief administrative officer.

The company also disclosed that its shareholders approved the nonbinding shareholder proposal submitted by California Public Employees' Retirement System for the implementation of a majority voting standard for uncontested director elections. The board will consider implementing that standard prior to First Community's next annual meeting.