The only CEO in the history of Kaiser Federal Bank in Covina, Calif., is stepping down at the end of this month.
The $900 million-asset Kaiser said late Monday that Kay M. Hoveland has notified the board that she plans to retire form her positions as chief executive of the thrift and president and CEO of its holding company, Kaiser Federal Financial Group Inc. Hoveland also plans to resign from the bank's board of directors.
"With retirement plans of travel and family obligations, I concluded that I will not have the time to adequately fulfill the duties of an officer and director in a full and complete manner deserving of this organization," Hoveland said in a news release.
Hoveland has been CEO of Kaiser Federal since it converted from a credit union to a mutual thrift in 1999 and presided over its initial public offering four years later. In 2009, U.S. Banker and American Banker named Hoveland as one of its 25 Most Powerful Women in Banking.
Kaiser said that its board has named Dustin Luton to succeed Hoveland as CEO of the bank and president and CEO of the holding company. Luton has been the holding company's chief financial officer since 2006. It also announced that Jean M. Caradang, the CFO of the thrift, has been promoted to CFO of the holding company.