Western Alliance Bancorporation (WAL) in Phoenix is looking for a new chief operating officer.
Kenneth Vecchione will resign on April 5 to become the chief executive at another publicly traded financial services company, Western Alliance said Wednesday. Western Alliance did not name Vecchione's new employer, though the release said the company is not a bank.
Western Alliance plans to search for a replacement for Vecchione, a company spokesman said.
Vecchione will remain a director and continue to chair the board's finance and investment committee. He will also remain vice chairman of Bank of Nevada, a subsidiary in Las Vegas.
Vecchione has been the $7.6 billion-asset company's chief operating officer since 2010. Previously, he was chief financial officer of private equity firm Apollo Global Management.
"I appreciate the value [Vecchione] has contributed to the company over the past three years, and look forward to the benefit of his continuing advice and counsel in his capacity as a director of the company and chairman of our finance and investment committee," Robert Sarver, the company's chairman and CEO, said in a press release.