Amalgamated Bank in New York, N.Y., has appointed one of its former leaders to temporarily replace its president and chief executive.

Interim CEO Gabriel Caprio, who served as president and CEO of the union-owned bank from 1991 to 2006, will replace Edward Grebow as the board searches for a permanent successor, according to the company’s Thursday press release.

Grebow steps down from his position as president and CEO after less than three years of service at the $3.5 billion-asset Amalgamated. He previously served as the managing director of private-equity firm J.C. Flowers & Co.

The move is part of a planned transition, according to the release.

“I’ve appreciated the opportunity to lead this tremendous institution during a difficult period,” Grebow said in the release.  “It has been both challenging and fulfilling, and I am very proud of our progress. I look forward to resuming my career as an investment banker and advisor to financial institutions, companies, and not-for-profit organizations.”

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