Western Alliance Bancorp. in Phoenix has persuaded its former president to come back.
The $18 billion-asset company said in a press release Thursday that Kenneth Vecchione will have the same title he held in 2013, when he left to become CEO of Encore Capital Group. He will rejoin Western Alliance on July 10.
Western Alliance made it clear in the release that Vecchione would be considered a successor to Robert Sarver, its chairman and CEO. Sarver was 55 when the company put out its proxy statement earlier this year.
Vecchione “is experienced and capable of eventually transitioning into the role of CEO,” Sarver said in the release. “In discussions with our board about succession planning, we all agreed bringing Ken back was the right move."
Sarver said he plans eventually to step aside as CEO to focus more on generating new business opportunities and to provide leadership and strategic direction. He did not give a timetable for a transition.
Vecchione, who remained a Western Alliance director during his hiatus from the company, initially served as president from 2010 to 2013.