PacWest Bancorp (Nasdaq: PACW) (the “Company”) and Pacific Western
Bank (the “Bank”), as part of their previously disclosed leadership
transition plan, today announced the following changes to the
Company’s Board of Directors (the “Board”) and executive team.
- Paul W. Taylor, President of the Company and the Bank, has been
appointed Chief Executive Officer of the Company and the Bank,
effective January 1, 2023. Mr. Taylor will have full management,
financial, and leadership responsibilities for the Company’s and
the Bank’s operations.
- Matthew P. Wagner, Chief Executive Officer of the Company and
the Bank, will transition to the role of Executive Chairman of the
Boards of Directors for the Company and the Bank for a one-year
term beginning January 1, 2023. In this role, Mr. Wagner will focus
on customer relations, technology development, and supporting a
seamless transition of duties to Mr. Taylor.
- John M. Eggemeyer, III, Chairman of the Company’s Board, will
transition to the role of Lead Director, effective January 1,
2023.
- Kevin L. Thompson has been appointed Executive Vice President,
Chief Financial Officer, effective November 28, 2022. Mr. Thompson
has more than 20 years of experience in finance and has spent more
than 15 years in senior finance roles in the banking sector,
including as Chief Financial Officer of First Foundation Inc., Opus
Bank, Midland States Bancorp, and American Express Centurion Bank.
He succeeds Bart R. Olson, who will assume the role of Executive
Vice President, Finance, through February 28, 2023, to assist with
an orderly transition.
“We are pleased to announce Paul’s appointment as CEO,” said Mr.
Eggemeyer. “Having previously served as CEO of two publicly-traded
banks, Paul has an outstanding track record of delivering for
customers, employees, communities, and stockholders. He has a clear
vision for the future of PacWest, in particular improving our
capital, profitability, and operational effectiveness.”
Mr. Taylor said, “I am honored to take the helm of PacWest
following the retirement of our long-time leader and CEO, Matt. I
am excited to build upon PacWest’s strengths as we sharpen our
strategic focus on our core relationship-based commercial business
and strengthening capital.”
Mr. Taylor continued, “As we enter this new chapter, we are also
pleased to have someone of Kevin’s caliber join PacWest as CFO.
Kevin and I have a great working relationship, and he is a
high-integrity leader who shares PacWest’s commitment to
accountability, profitability, discipline, and execution. He will
be integral to PacWest’s efforts in this next chapter.”
Mr. Eggemeyer added, “We are grateful for Matt’s more than two
decades of leadership as CEO of PacWest. During his tenure, PacWest
has grown substantially, today standing with over $41 billion in
assets. We look forward to continuing to benefit from his
experience, insights, and customer relationships in his role as
Executive Chairman. Finally, on behalf of the Board, I would also
like to thank Bart for his service and dedication to PacWest.”
“I am grateful for the many years I have spent at PacWest and am
proud of the organization we have built,” said Mr. Wagner. “I
believe the time is right to transition leadership and am confident
that Paul is the ideal person to lead PacWest into the future as we
focus on delivering value to our stockholders. I am excited to
continue working with him and the Board in my new role.”
About Paul W. TaylorPaul W. Taylor is President
and a Director of PacWest Bancorp and has over 35 years of
experience in the banking industry. Mr. Taylor previously served as
Chief Executive Officer, President, and Director of Opus Bank, a
publicly-traded California-chartered bank, from 2019 until it was
acquired in 2020. Prior to that, he held the same positions at
Guaranty Bancorp, a publicly-traded financial institution
headquartered in Colorado, from 2011 through 2018.
About Kevin L. Thompson Kevin L. Thompson has
more than 20 years of finance experience, including senior roles
within the banking industry. Mr. Thompson previously served as
Executive Vice President and Chief Financial Officer of First
Foundation Inc. from 2020 until his resignation in November 2022
and served as interim President in November 2022. Prior to First
Foundation, he held the position of Chief Financial Officer at
numerous banks including Opus Bank, Midland States Bancorp, and
American Express Centurion Bank.
About PacWest Bancorp
PacWest Bancorp is a bank holding company with over $41 billion
in assets. Pacific Western Bank is focused on relationship-based
business banking and treasury management services to small,
middle-market, and venture-backed businesses nationwide. Pacific
Western Bank offers a broad range of loan and lease and deposit
products and services through full-service branches throughout
California and in Durham, North Carolina and Denver, Colorado, and
loan production offices around the country. For more information
about PacWest Bancorp or Pacific Western Bank, visit
www.pacwest.com.
Caution Concerning Forward-Looking
Statements
This release contains certain “forward-looking statements” about
PacWest Bancorp and its subsidiaries within the meaning of the
Private Securities Litigation Reform Act of 1995, including certain
plans, strategies, goals, and projections and including statements
about our expectations regarding our capital, capital ratios,
profitability, and operational effectiveness. All statements
contained in this release that are not clearly historical in nature
are forward-looking, and the words “anticipate,” “assume,”
“intend,” “believe,” “forecast,” “expect,” “estimate,” “plan,”
“continue,” “will,” “should,” “look forward,” “target” and similar
expressions are generally intended to identify forward-looking
statements. All forward-looking statements (including statements
regarding future financial and operating results) involve risks,
uncertainties and contingencies, many of which are beyond our
control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance or achievements due to a variety of factors, including
the risk factors described in documents filed by PacWest Bancorp
with the U.S. Securities and Exchange Commission. All
forward-looking statements in this release are based on information
available at the time the statement is made. PacWest Bancorp is
under no obligation (and expressly disclaims any such obligation)
to update or alter its forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Contact:
Paul W. TaylorPresident303.802.8965
Matthew P. WagnerChief Executive
Officer303.802.8900
William J.
Black Executive
Vice President,Strategy and Corporate Development919.597.7466
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