Succession planning

Richard Adams Sr. will step down from United Bankshares' top job on April 1, after 47 years. Current President Richard Adams Jr. will take over.

Following the departure of longtime chairman and CEO Dan Sheehan, the company has chosen Abel Iglesias, president of Professional’s bank subsidiary, as the new CEO. Meanwhile, director Herbert Martens has become nonexecutive chairman.

The chief executives at 11 large and regional banks have been on the job for 21 years or more. Here's a countdown of who they are and how they've endured.

Following the recent resignations of the San Francisco bank’s co-CEO and chief operating officer, executives sought to project stability during an earnings call Friday. Employee morale is strong, and finding a leader who’s the right fit is more important than filling the job quickly, they said.

Gaye Erkan was widely seen as the front-runner to succeed founder James Herbert. Following her abrupt departure, the San Francisco bank must decide whether to find its next leader internally or recruit an outsider.

Hafize Gaye Erkan stepped down just weeks after the bank's founder, chairman and co-chief executive, James Herbert, announced a medical leave of absence. The San Francisco company named an interim CEO and said it will conduct a search for Herbert’s successor.

James Herbert is expected to step away from his duties for six months due to a coronary health issue. Co-CEO Hafize Gaye Erkan will take on more responsibilities.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

The aging of the American workforce is expected to hit the financial industry especially hard. So banks are considering nontraditional job candidates, finding bigger roles for young employees and moving those planning their departures into advisory roles.

SAFE Credit Union in Folsom, California, will promote its chief credit officer, Faye Nabhani, to president on Jan. 1 and then CEO a year later. She will be the institution's first female leader in its 80-year history.