- After 21 years in the position
- Accolades and praise for Sheaffer
- Sheaffer will remain as Chairman at Riverview Bancorp
- Sheaffer spoke at length and said 175 words
(exechange) — Vancouver, Washington, January 12, 2018 — Pat Sheaffer, chief executive of Riverview Bancorp, hands over the reins. As announced by Riverview Bancorp, Inc. in a news release on Friday, January 12, 2018, Patrick (Pat) Sheaffer leaves his post as Chief Executive Officer at the holding company for Riverview Community Bank after 21 years in the position, effective April 2, 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 CEOs who departed over the past twelve months was 9 years, according to data compiled by exechange. Only 9 percent of the CEOs who departed over the past twelve months left the position after more than 20 years.
Sheaffer’s duties will be taken over by Kevin Lycklama, currently Chief Operating Officer at Riverview Bancorp, Inc.
It is a generational change as well. Kevin Lycklama is about 37 years younger than Pat Sheaffer.
“The right leader to build on Riverview’s strong foundation”
Sheaffer’s departure from the CEO post is explained as follows. Sheaffer said: “As we look to the future, the Board’s focus has been to identify the right leader to build on Riverview’s strong foundation, and Kevin is clearly that person.”
Sheaffer will remain as Chairman at Riverview Bancorp
“Mr. Sheaffer will continue to serve as Chairman of the Board of both the Company and the Bank,” Riverview Bancorp said.
Riverview Bancorp said: “effective April 2, 2018, Patrick Sheaffer will be retiring as President and Chief Executive Officer of the Company and the Bank.”
Share price rise since September 2012
The change follows a rise in the share price of Riverview Bancorp, Inc. since September 2012.
In the position of CEO since 1997
Patrick Sheaffer has been the Chief Executive Officer of Riverview Bancorp., Inc., since 1997.
Patrick Sheaffer joined Riverview Community Bank in 1963 and has served as Chief Executive Officer since 1976.
He became Chairman of the Board in 1993.
He has been Chairman of the Board and Chief Executive Officer of Riverview since its inception in 1997.
He is responsible for the daily operations and the management of Riverview.
Sheaffer is active in numerous professional and civic organizations.
Read the full story in the exechange report 3.2018 ($).