Heritage Commerce in San Jose, Calif., is planning to welcome a new president and CEO.
The $3.2 billion-asset company said in a Thursday press release that Walter Kaczmarek will retire on Aug. 8.
Keith Wilton, the company's chief operating officer, will succeed Kaczmarek. Wilton is also president of Heritage Commerce's bank.
Kaczmarek, who was 66 when the company filed its proxy statement last March, has been CEO since 2005. He will remain on the board after his retirement.
Wilton, who joined Heritage Commerce in 2014, will join the board in February.
“Keith’s extensive experience in banking and innovative solutions have helped grow the bank to over $3 billion in assets and to 14 branch offices around the Bay Area," Kaczmarek said in the release. "He is very deserving of this opportunity."
Wilton has helped the company expand its regional operations, product offerings and services, the release said. He was also responsible for all lending and deposit departments, including factoring unit Bay View Funding, as well as branch operations and cash management.
“Taking a methodical and thoughtful approach to this transition was important to us,” Jack Conner, the company's chairman, said in the release.
“We wanted to ensure that our customers, shareholders and employees feel confident with the planned transition in leadership," Conner added. "We have been very fortunate to have been led by Walt and the team he has built these past 14 years. We firmly believe that Keith and the team will continue with the same dedication and enthusiasm after the transition."
