Citizens Republic Bancorp of Flint, Mich., announced Monday that Dana M. Cluckey, its president and chief operating officer - and heir apparent to the chief executive - would resign May 31.
Mr. Cluckey said in a press release that he would "explore new opportunities in life."
William R. Hartman, Citizens Republic's CEO said in an interview that Mr. Cluckey was not leaving for another job but had decided to take some time off. Mr. Hartman said that the company would file an 8-K with the Securities and Exchange Commission today to announce the costs related to the resignation.
Mr. Cluckey, 47, has been in his position since Citizens Banking Corp. and Republic Bancorp Inc. merged in December to form the $13.3 billion-asset Citizens Republic. Before that he had been Republic's CEO.
He was supposed to serve as the president and chief operating officer of Citizens Republic until the end of 2010 and then succeed Mr. Hartman as the CEO.
The company has no plans to fill the chief operating officer position.
