The only chief executive in the history of Kaiser Federal Bank in Covina, Calif., is stepping down at the end of this month.
Kay M. Hoveland has notified the board of the $900 million-asset Kaiser that she plans to retire as the CEO 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.
"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 press release Monday.
Hoveland has been the 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 one of its 25 Most Powerful Women in Banking.
Kaiser said that its board has named Dustin Luton to succeed Hoveland. Luton has been the holding company's chief financial officer since 2006. It also said that Jean M. Caradang, the thrift's chief financial officer, had been promoted to the same role at the holding company.