Gerald Lipkin, the longtime chairman and CEO at Valley National Bancorp in Wayne, N.J., will retire at the end of the year.

The $23 billion-asset company said in a press release Thursday that Ira Robbins, president of Valley National’s bank, will succeed Lipkin as CEO of the bank and the holding company. Robbins will retain his current post.

Lipkin, who has been with Valley for 42 years, will remain chairman but will not be involved in the company’s daily management.

Gerald Lipkin will retire as CEO of Valley National at the end of December.

Lipkin, 76, joined the company as a senior vice president in 1975, becoming its chairman and CEO in 1989. Over his career, Lipkin helped the bank expand from eight branches in New Jersey to a three-state regional with more than 200 branches.

"I am grateful to the board … and the shareholders of Valley for their confidence and support during my tenure as CEO,” Lipkin said in the release. “For many years I have had the opportunity to work closely with Ira and he is one of the most talented individuals that I have had the opportunity to work with. I have full confidence in his ability to run the company. I look forward to continuing with Valley as chairman of the board."

Robbins, 43, joined Valley in 1996 through its management associate program. He has held several key posts over the past two decades. He is responsible for credit administration, retail banking, technology, human resources, treasury, finance and serves on the bank’s credit committee. He has spent several years involved in strategic planning and merger and acquisitions, the company said.

Robbins "has been a long time valuable member of Valley's executive team and has played an important role in our recent success,” Andrew Abramson, Valley’s lead director, said in the press release. “The board and I enthusiastically welcome Ira in his new position and look forward to his leadership and new vision for Valley."

Valley announced in separate release that Rudy Schupp, 66, will retire as its president and chief banking officer on Jan. 15.

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