- Push-out Score determined
- After 17 years in the position
- Praise and thanks for Vittorio
- Chris Becker taking over
- Vittorio kept it short and said 60 words
(exechange) — Glen Head, New York, March 19, 2019 — Michael Vittorio, chief executive of First of Long Island, leaves his post. His departure is made public at an early stage. As announced by First of Long Island Corp. in a news release on Tuesday, March 19, 2019, Michael N. Vittorio leaves his post as Chief Executive Officer at the bank holding company for The First National Bank of Long Island after 17 years in the role, effective January 1, 2020.
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 8.1 years, according to data compiled by exechange. Only 12 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
It is a long goodbye. The announcement of Michael Vittorio’s move comes up to nine months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Michael Vittorio’s duties will be taken over by Christopher (Chris) Becker, currently Executive Vice President and Chief Risk Officer of The First National Bank of Long Island.
“The result of a formal and rigorous succession planning process”
Michael Vittorio’s departure from the CEO post is explained as follows. Peter Quick, Chairman of the Chief Executive Officer Selection Committee and Director of The First of Long Island Corporation, said: “The selection of Mr. Becker to succeed Mr. Vittorio was the result of a formal and rigorous succession planning process led by the Board of Directors that included the retention of a national executive search and human capital advisory firm.”
Precise information regarding Michael Vittorio’s future plans was not immediately available.
First of Long Island said: “The First of Long Island Corporation (FLIC) announced today that its Board of Directors selected Christopher Becker to succeed Michael Vittorio as President and Chief Executive Officer of The First of Long Island Corporation and The First National Bank of Long Island, effective January 1, 2020.”
Share price decline
The announcement follows a decline in The First of Long Island Corporation’s share price of 26 percent since October 2017.
Chaired by Walter C. Teagle
The First of Long Island Corporation is chaired by Walter C. Teagle III.
In the position of CEO since 2003
Vittorio has been CEO of the Corporation and the Bank since 2003 and is a member of the Loan and Asset Liability Committees of the Bank.
Prior to his employment by the Company in 2002, Vittorio was employed at J.P. Morgan Chase as Senior Vice President responsible for managing Chase Insurance Agency’s Insurance Brokerage and Advisory Service Business.
Previously he served in various capacities at J.P. Morgan Chase including Senior Credit Officer for Small Business Financial Services, Middle Market Regional Manager and Division Executive in the Small Business/Commercial Division.
Vittorio also serves or has served as a director of a variety of not-for-profit entities.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Michael Vittorio was pushed out or felt pressure to leave the position.
exechange reached out to First of Long Island and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2019 ($).