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Executive pay packages have long been structured to reflect performance. But one key task that often gets short shrift from bank directors and CEOs is succession planning. Now pressure is mounting for that to change.
May 13 -
William Young, the founding chief executive officer of Virginia Partners Bank in Fredericksburg, Va., will retire on June 30.
April 17 -
HSBC Holdings (HSBC) said Irene Dorner will retire as chief executive of its U.S. banking unit and will be succeeded by HSBC executive Patrick Burke.
June 16
The Bank of Edwardsville in Illinois has begun looking for a new chief executive, after its current CEO, Thomas Holloway, said he would retire next spring.
Holloway, who has served as CEO for nearly a decade, plans to leave the $1.6 billion-asset bank at the end of May.
"I never planned to work forever, and I'm turning 65 years old next year," he said in a press release Tuesday. "I'm ready for the next phase of my life."
Holloway joined the company in 2005. He previously served for nearly 15 years as president and CEO of the $35 billion-asset Union Planters Bank in Memphis. Union Planters was acquired in 2005 by the $117 billion-asset Regions Bank in Birmingham, Ala.
The Bank of Edwardsville has established a search committee to find a replacement, according to the release. It has also begun interviewing internal and external candidates.
The bank intends "to make the transition as smooth as possible," said Chairman Mark Shashek, by having the new CEO work alongside Holloway during his final few months.
The Bank of Edwardsville operates 18 offices in southwestern Illinois, just outside of St. Louis.
Holloway's retirement was reported on Tuesday by the St. Louis Post-Dispatch.
