Western Alliance Bancorp. in Phoenix will have a new CEO in 2018.
The $18 billion-asset company said in a press release Wednesday that Robert Sarver will retire on March 31. Sarver, who was 55 when the company filed its proxy statement in March, will remain Western Alliance’s chairman.
Sarver has been CEO since 2002.
Ken Vecchione, who rejoined the company as its president earlier this year, will succeed Sarver. Vecchione, who was Western Alliance’s president and chief operating officer from 2010 to 2013, had left to become CEO of Encore Capital Group.
Veccione remained on Western Alliance’s board, keeping a position he has held since 2007, during his time at Encore.
The company said in July that Vecchione’s return was part of Sarver’s succession plan.
Western Alliance said that James Haught, its chief operating officer, will succeed Vecchione as president. Dale Gibbons, the company’s chief financial officer, will add the title of vice chairman.
“I look forward to continuing to provide leadership and support to Western Alliance, albeit in a more strategic way,” Sarver said the release. “I have a long history with our executive team and believe this transition will be positive for the company.”