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Michael Larrowe, a Cardinal executive who was once derided by an activist investor, becomes CEO and rejoins the board as a group of recently elected directors looks to move the Floyd, Va., company forward.
June 7 -
Two directors have resigned, and the Floyd, Va., company's CEO is on administrative leave. Those departures come less than a week after a coalition of angry investors led by Douglas Schaller replaced half of the six-member board.
May 29
Cardinal Bankshares in Floyd, Va., is developing a comprehensive plan just weeks after a proxy battle brought in three new directors and led to the ouster of its chief executive.
The board is also committed to keeping the company independent, Michael Larrowe, Cardinal's new president and CEO, wrote in a letter to shareholders filed Thursday with the Securities and Exchange Commission in conjunction with a dividend announcement.
Directors are in the "early stages of developing a comprehensive plan," he wrote. The plan "will focus on ways to make our operations more efficient and our customer experience more rewarding. Our new board is energized and united with management in continuing the past successes of our bank."
The board tapped Larrowe as the $272 million-asset company's president and CEO, and restored his director status,
