September 24, 2019 – Financial services organizations, generally, are facing a new competitive landscape, regulatory challenges and a constant struggle to manage cost and efficiency. This requires strategic leaders – male and female – with a multidimensional skill-set. But there’s a big problem: In most countries, while women represent about half of the financial services industry, few of them reach leadership positions.
Like all financial institutions, banks continue to turn to executive recruitment firms to find new leaders. The recruiters, in turn, have been on the frontlines to expand their candidate slates to include large numbers of women. They have also been in the cross hairs of regulatory bodies and the press to push a new, and far more inclusive, agenda. The latest search: Bank of Marin Bancorp and its subsidiary, Bank of Marin, announced that Korn Ferry has been engaged to commence the search for a president and CEO to succeed Russell A. Colombo.
Korn Ferry will work with the board of directors to evaluate a diverse pool of internal and external candidates. Mr. Colombo, who has led the bank since 2006, will continue to serve as president and CEO until a successor is appointed. No timeline has been set for his retirement.
“While I am looking forward to my retirement, a date has not been set and I will continue in my role as CEO until a successor is named and successfully transitioned,” said Mr. Colombo. “I work with an exceptional team and, together, we will continue to execute on our strategic growth plan while adhering to our guiding principles – relationship banking, disciplined fundamentals and community commitment.”
Under Mr. Colombo’s leadership, Bank of Marin delivered strong organic growth and completed three acquisitions – Charter Oak Bank, Norcal Community Bancorp and its subsidiary Bank of Alameda, and Bank of Napa. These three acquisitions contributed significantly to the aggregate growth of the bank.
“We greatly appreciate Russ’ years of dedicated service and his continued leadership as we begin the search for his successor,” said Brian Sobel, chairman of the board. “The board is committed to finding the best possible candidate and shares Russ’ commitment to a smooth and successful transition.”
Bank of England Picks Sapphire Partners to Lead Search for Governor
The U.K. government has hired Sapphire Partners, a London-based executive search firm, to help find a new governor for the Bank of England.
The recruitment firm, which focuses on finding diverse talent, is the first agency ever hired to find someone for the governor role.
Enlisting Sapphire Partners raises the likelihood that the U.K. wants a woman for the role, a response to criticism over a lack of gender diversity in the government. “The use of a firm of headhunters for the first time implies the chancellor is keen for this to be a wide sweep of talent in what is, after all, the world’s financial capital, and he is under pressure to consider more female candidates,” wrote Darshini David, economics correspondent for the BBC, on the broadcaster’s website. “And, as with the incumbent, the search could go beyond our borders.”
Founded in 1990 and headquartered in Novato, CA, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp. A leading business and community bank in the San Francisco Bay Area, with assets of nearly $2.5 billion, Bank of Marin has 22 branches, five commercial banking offices and one loan production office located across the North Bay, San Francisco and East Bay regions. Bank of Marin provides commercial banking, personal banking, and wealth management and trust services.
Korn Ferry’s global banking and markets sector focuses on finding, developing, and retaining talent and senior leadership for investment and corporate banks and related franchises. The firm offer a full range of talent solutions designed to address global banking and markets requirements, spanning organizational design, rewards and benefits, leadership development, assessment and succession, and talent acquisition.
Leslie Peyton Gordon is the head of the Korn Ferry’s investment banking and capital markets sector within the firm’s global financial market. With more than 20 years of search experience in financial services, she specializes in senior-level and board searches for the investment banking and capital markets community. Her areas of search expertise include mergers and acquisitions; general corporate finance; restructuring; leveraged finance; debt and equity capital markets; private equity; and infrastructure. Ms. Peyton Gordon has completed more than 300 searches on behalf of financial institutions and private equity firms worldwide.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media