The $4.3 billion-asset company said in a press release Thursday that Willie McDevitt will
become the chairman on May 10. He has been a director since 2007 and vice
chairman since 2015.
McDevitt is a consultant to McDevitt Construction Partners, a
company he founded in 1976. He is also president of Sausalito Hotel Corp.,
which owns and operates The Inn Above Tide.
McDevitt will succeed
Brian Sobel, who has served as chairman since 2015. Sobel will remain on the
board.
“It has been an honor
and a privilege to have served as chairman,” Sobel said in the release. “I have
worked closely with Willie for many years and have the utmost confidence in his
ability to lead the board as the bank continues on its trajectory of growth and
success.”
The announcement
comes on the heels of the company’s disclosure that it renewed a cooperation
agreement with a shareholder group.
The agreement with
the Kelly Trust parties allowed Sanjiv Sanghvi, the investor’s representative,
to remain on Bank of Marin’s board. The investors agreed to continue to vote in
favor of the board’s proposed nominees and “refrain from taking certain
actions,” among other things.
No comments:
Post a Comment