The chairman of City National Corp. (CYN) in Los Angeles is passing the role to his son.
Bram Goldsmith will become chairman emeritus on Oct. 1, the $27.4 billion-asset company announced Monday. Chief Executive Russell Goldsmith will succeed him as chairman, the company said.
Bram Goldsmith, 90, will continue working full-time on the company's executive committee and as part of the management team, and will work and with City National's clients. He has been on City National's board since 1969 and has been chairman since 1975. He was the company's chief executive from 1975 through 1995.
Russell Goldsmith, 62, has been a director since 1979 and CEO since 1995.
"This seems to me to be the appropriate time to make the transition," Bram Goldsmith said in a press release. "The company is in excellent hands, and I'm very pleased that Russell will succeed me as chairman of the corporation."