Roma Financial (ROMA) in Robbinsville, N.J., announced late Monday that its president and chief executive, Peter Inverso, will step down next year and that its board will form a search committee to find a replacement.
Inverso has been president and CEO of the company's lead subsidiary, Roma Bank, since 2000 and has headed the holding company since it was created in 2005. Inverso was instrumental in taking the company public in 2006 and on his watch the company’s assets more than tripled, to $1.9 billion.
Inverso, who also served as a New Jersey state senator from 1992 to 2008, said in a news release that he is resigning because he will be 75 when his contract is up next year and he wants to "lessen the pace" and spend more quality time with his family.
The company said Inverso would remain on its board of directors after he retires.