- Push-out Score determined
- After almost 13 years in the position
- Praise for Vance
- Vance will remain as executive chair at Heritage Financial
- Vance spoke at length and said 74 words
(exechange) — Olympia, Washington, July 9, 2018 — Brian Vance, chief executive of Heritage Financial, hands over the reins. As announced by Heritage Financial Corporation in a news release and in a regulatory filing published on Monday, July 9, 2018, Brian L. Vance leaves his post as Chief Executive Officer at the parent company of Heritage Bank after almost 13 years in the role, effective in July 2019.
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 12 months was 9.3 years, according to data compiled by exechange. Only 38 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Vance’s duties will be taken over by Jeffrey J. (Jeff) Deuel, most recently president and chief operating officer of Heritage Bank.
Jeffrey J. Deuel, who has held the titles of President and Chief Operating Officer of Heritage Bank since 2012, will succeed Vance as President of Heritage and CEO of Heritage Bank effective immediately.
“Culmination of a thoughtful, deliberate planning process”
The management change is explained as follows. Heritage Financial said: “With a commercial banking career spanning 46 years, Vance will work closely with Deuel during the transition, which is the culmination of a thoughtful, deliberate planning process to ensure a smooth executive changeover.”
Vance will remain as executive chair at Heritage Financial
“Brian L. Vance, who has served as CEO of Heritage Bank since 2003 and CEO of Heritage since 2006, will remain CEO of Heritage until July 2019, at which time he will be become executive chairman of the Heritage board of directors,” Heritage Financial said.
Share price rise since October 2016
The change follows a rise in the share price of Heritage Financial Corporation since October 2016.
Chaired by Brian S. Charneski
Heritage Financial Corporation is chaired by Brian S. Charneski.
Charneski has served on the Heritage board since 2000 and was named Chairman of the Board effective May 4, 2016.
In the position of CEO since 2006
Brian L. Vance has been the Chief Executive Officer of Heritage Financial Corporation since October 1, 2006.
Brian L. Vance is the President and Chief Executive Officer of Heritage and was the Chief Executive Officer of Heritage Bank, positions he has held since 2006 and 2003, respectively.
Vance served as President and Chief Executive Officer of Heritage Bank from 2003 until September 2012, when Jeffrey J. Deuel was promoted to President.
Vance served as President and Chief Operating Officer of Heritage Bank from 1998 until 2003.
Vance joined Heritage Bank in 1996 as its Executive Vice President and Chief Credit Officer.
Prior to joining Heritage Bank, Vance was employed for 24 years with West One Bank, a bank with offices in Idaho, Utah, Oregon and Washington.
Prior to leaving West One, he was Senior Vice President and Regional Manager of Banking Operations for the south Puget Sound region.
Vance serves as a director of the Pacific Bankers Management Institute and the Community Foundation of South Puget Sound.
He also serves on the Western Independent Bankers Advisory Committee.
He is the past President of the Washington Financial League and formerly served as a trustee for the South Puget Sound Community College.