- After 24 years in the position
- Without pomp and ceremony
(exechange) — Damariscotta, Maine, December 21, 2017 — Stephen Ward, finance chief of First Bancorp, hands over the reins. As announced by The First Bancorp, Inc. in a news release and in a regulatory filing published on Thursday, December 21, 2017, F.Stephen Ward leaves his post as Chief Financial Officer at the holding company for First National Bank after 24 years in the position, effective March 30, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.8 years, according to data compiled by exechange. Only 5 percent of the CFOs who departed over the past twelve months left the position after more than 15 years.
Ward’s duties will be taken over by Richard Elder, currently Treasurer at The First Bancorp, Inc.
No reason given
In the announcement, First Bancorp did not explicitly explain the reason for Ward’s move.
Precise information about Ward’s future plans was not immediately available.
First Bancorp said: “The First Bancorp … today announced a retirement date for F. Stephen Ward, Chief Financial Officer of the Company and its wholly-owned banking subsidiary, First National Bank. Mr. Ward is expected to retire as Chief Financial Officer of the Company on March 30, 2018.”
Share price rise since January 2016
The change follows a rise in the share price of The First Bancorp, Inc. since January 2016.
CEO: Tony C. McKim
Tony C. McKim serves as CEO of The First Bancorp, Inc. Tony C. McKim has been the Chief Executive Officer of First National Bank and The First Bancorp, Inc. since January 02, 2015.
In the position of CFO since 1994
F.Stephen Ward has served as Treasurer and Chief Financial Officer of the Company since 1994 and as Chief Financial Officer of the Bank since 1993.
In 2005, Ward was promoted to Executive Vice President.
Ward has been employed by the Bank since 1990 and served as Marketing Officer from 1990 to 1993.
The Company also announced that Ward has been nominated to serve on the Board of Directors of both the Bank and the Company.
The Company’s Nominating Committee announced the nomination on Thursday, December 21, 2017.
Pending a vote of the Company’s shareholders, Ward will join the Boards of both entities as of the next annual meeting.
Read the full story in the exechange report 52.2017 ($).