May 1, 2017 – Banc of California has appointed Doug Bowers as its new president and CEO. The bank turned to Korn Ferry to find Mr. Bowers, who has 35 years of banking experience. The search is emblematic of a recent wave of chief executives placed by search firms at top banks banks across the country.
Most recently, Mr. Bowers was president and CEO of Square 1 Bank from 2011 until its sale to PacWest Bancorp. From 2009 to 2011, he served as a managing director of Lone Star Funds/Hudson Advisors, a leading private equity firm that invests globally in a variety of financial assets. During his tenure there, Mr. Bowers co-lead the fund’s bank acquisition efforts. From 1980 through 2008, Mr. Bowers rose through the ranks of Bank of America, managing various divisions including commercial banking, corporate banking, leasing and specialized products.
“We are pleased to welcome Doug to Banc of California,” said Robert D. Sznewajs, chairman of the board. “The board conducted an extensive search and is confident Mr. Bowers has the right banking expertise and leadership skills to lead the company.” His industry experience, he added, operational know-how and commitment to community values will be invaluable. “Under Doug’s guidance and with the assistance of our broader executive team and employees, we believe the bank is well positioned to capitalize on growth opportunities and enhance shareholder value,” he noted.
Banc of California provides comprehensive banking services to California’s diverse businesses, entrepreneurs and communities. It operates 37 offices in California. The company was recently recognized by Forbes for the second straight year as one of the ‘100 Best Banks in America’ for 2017.
Banks Turn to Search Firms
Financial services organizations facing a new competitive landscape, regulatory challenges, and a constant struggle to manage cost and efficiency need strategic leaders with a multidimensional skill set. Like all financial institutions, banks continue to turn to executive recruiting firms to find new leaders ….. Here’s some further reading from Hunt Scanlon Media.
Federal Reserve Bank of Richmond Taps Heidrick for CEO
The Federal Reserve Bank of Richmond has retained Heidrick & Struggles to lead its search for a new president and CEO. Jeffrey Lacker announced that he will retire in October after 28 years of public service at the Richmond Bank.
Here’s a look at a few additional important recent searches from across the sector found in the Hunt Scanlon Media Archives that are either underway or recently completed:
- Kaplan Partners has been retained by Old Point National Bank to lead its search for a new chief financial officer. Current CFO Laurie Grabow plans to retire this summer after three decades with the Hampton, VA-based bank;
- Chrisman & Company placed Carl J. Chaney as CEO of New Orleans-headquartered First NBC Bank. Longtime leader and founder Ashton Ryan Jr. has stepped aside as CEO. Founding partner and principal Timothy Chrisman led the search along with partner Irwin Stalk;
- The National Bank of Greece (NBG) recently selected Egon Zehnder to lead its hunt for a new chairman. The new chair must have a good understanding of the environment in which the bank operates (e.g. regulatory, legal, economic), including the ability to efficiently interact with various stakeholders (e.g. HFSF, other shareholders, the European Commission, regulators, other official or private sector institutions) and the media;
- Hanold Associates recently recruited Gaurav Sehgal as chief human resources officer (CHRO) and David Sarjantson as chief marketing officer (CMO) at Denver-based Fortis Private Bank. CEO Jason Hanold led both search assignments.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media