CEOs Who Took a Curtain Call (or Got the Hook) in 2013
January 3, 2014 7:30 AM
A number of CEO departed this year - voluntarily or otherwise. Some, like William Aichele of Univest, had been with their institutions for decades. Others, including Michael Tierney, had much shorter tenures.
(Image: Thinkstock)
John Koelmel: First Niagara
Koelmel's seven-year stint at First Niagara Financial (FNFG) was eventful. He spearheaded rapid expansion at the Buffalo, N.Y., company through acquisitions. But his relentless M&A overextended First Niagara, and he was forced out in March .
(Image: Bloomberg News)
Louis Cappelli: Provident New York Bancorp
CEOs often leave after a bank sells. When Provident New York Bancorp (PBNY) bought Sterling Bancorp in November, Cappelli stepped down as Sterling's CEO. Now chairman, he got a severance package worth about $5.2 million .
Cathy Nash: Citizens Republic Bancorp
Nash relinquished her CEO title when Citizens Republic Bancorp sold itself to FirstMerit (FMER), in Akron, Ohio, in April. Nash led a turnaround of the once-struggling Citizens Republic.
Alvin Kang
Kang resigned in January as CEO of BBCN Bancorp (BBCN) in Los Angeles. Kang helped lead the merger of Nara Bancorp and Center Financial to create the biggest Korean-American bank.
George Jones: Texas Capital Bancshares
Not to be confused with the late country musician of the same name, Jones in June announced plans to retire as CEO of Texas Capital Bancshares (TCBI) in Dallas at the end of 2013. He had served since its 1998 founding as CEO of the bank, which has grown to $10.8 billion of assets without making any acquisitions.
Michael Tierney: Flagstar Bancorp
Michael Tierney was CEO of the Flagstar Bancorp (FBC), in Troy, Mich., for a mere eight months. He was replaced in May by Alessandro DiNello , when Tierney returned to his previous role as head of Flagstar's personal financial services.
Maria Bouvette: Porter Bancorp
Bouvette retired in July as CEO of Porter Bancorp (PBIB), in Louisville, Ky., after an extended period in which it struggled with losses and bad loans. She still owns 24% of the company.
Ellen Alemany: Citizens Financial Group
Robert Franko: Banc of California
Franko resigned in November as president of Banc of California (BANC), in Irvine, Calif. Franko, who was also president and CEO of the company's bank, left shortly after a large quarterly loss.
