Hilltop Co-CEO Alan White leaves at short notice

  • Push-out Score determined
  • After about two and a half years in the position
  • Accolades, praise, thanks, words of regret and good wishes for White
  • Dual Chief Executive Officer role eliminated
  • Jeremy Ford becomes sole Chief Executive Officer
  • White said 88 words

(exechange) — Dallas, Texas, February 22, 2019 — Alan White, co-chief executive of Hilltop, leaves. It is a change at short notice. As announced by Hilltop Holdings Inc. in a news release and in a regulatory filing published on Friday, February 22, 2019, Alan B. White leaves his post as Co-Chief Executive Officer at the financial holding company, after about two and a half years in the role, effective April 1, 2019.

Hilltop eliminates the dual Chief Executive Officer role. Jeremy B. Ford will be sole Chief Executive Officer.

“To begin the next chapter of his life”

Alan White’s imminent departure from the Co-CEO post is explained as follows. Hilltop said: “White will step down from Hilltop Holdings’ board of directors and his other leadership roles with Hilltop and PlainsCapital Bank to begin the next chapter of his life.”

The phrase “to begin the next chapter of his life” opens the door to speculation.

Precise information regarding Alan White’s future plans was not immediately available.

“Retiring”

Hilltop said: “Co-Chief Executive Officer and Vice Chairman Alan B. White is retiring, effective April 1, 2019.”

Share price decline

The announcement follows a decline in Hilltop Holdings Inc.’s share price of 34 percent since December 2016.

Chaired by Gerald J. Ford

Hilltop Holdings Inc. is chaired by Gerald J. Ford.

Ford has served as chairman of the board of Hilltop Holdings Inc. since 2007 and has served as a director of Hilltop since 2005.

In the position of Co-CEO since 2016

White has been Co-Chief Executive Officer of Hilltop Holdings Inc. since September 12, 2016.

White founded Hilltop’s banking subsidiary, PlainsCapital Bank (the “Bank”), in 1988 and has served as Co-CEO of Hilltop Holdings with President Jeremy B. Ford since September 2016.

He also has served as Chairman and Chief Executive Officer of PlainsCapital since 1987.

He has served as a director of Hilltop since the Company’s acquisition of PlainsCapital in November 2012 and is the Vice-Chairman of the Board of Directors and the Chairman of Hilltop’s Executive Committee.

White’s current charitable and civic service includes serving as a member of the Cotton Bowl Athletic Association Board of Directors, the MD Anderson Cancer Center Living Legend Committee and the Dallas Citizens Council.

He was also the founding chairman of the Texas Tech School of Business Chief Executive’s Roundtable; the former Chairman of the Texas Tech Board of Regents, the Covenant Health System Board of Trustees, and the Methodist Hospital System Board of Trustees; and a member of the Texas Tech University President’s Council and the Texas Hospital Association Board.

At the time of Alan White’s appointment as Co-Chief Executive Officer at Hilltop, Jeremy Ford had said: “This is an exciting time in Hilltop Holdings’ history. After 36 months of extensive acquisitions, integrations, and organic growth since our initial PlainsCapital Corporation acquisition, we are making strategic changes to our executive roster and organizational platform to position our company for future success. The new Hilltop company structure provides leadership for the entire organization, promotes consistency and accountability, focuses on our strengths and supports a more coordinated and cohesive long-term growth strategy. Alan and I are committed to working together to take Hilltop to the next level.”

At the time of his appointment as Co-Chief Executive Officer at Hilltop, White had said: “Hilltop is entering a new era of success. I look forward to working with Jeremy as we focus on creating a platform that supports the operations of our subsidiary companies, enabling them to do what they do best and focus on revenue generation and growth. We intend to make these strategic changes without impacting the way we do business or affecting the unique, relationship-based corporate culture that drives our success.”

Push-out Score determined

The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.

exechange reached out to Hilltop and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 8.2019 ($).