Eagle Bancorp CEO Ron Paul leaves for health reasons

  • After almost 13 years in the position
  • Words of regret and good wishes for Paul
  • Susan Riel taking over in the interim
  • Search for a successor
  • Paul said 101 words

(exechange) — Bethesda, Maryland, March 26, 2019 — Ron Paul, chief executive of Eagle Bancorp, leaves. It is an abrupt change. As announced by Eagle Bancorp Inc. in a news release published on Thursday, March 21, 2019 and in a regulatory filing published on Tuesday, March 26, 2019, Ronald D. (Ron) Paul, Chief Executive Officer, has left the parent company of EagleBank after almost 13 years in the role, effective March 20, 2019.

Ron Paul’s duties were taken over in the interim by Susan G. Riel, most recently Chief Operating Officer of EagleBank, as Interim President and Chief Executive Officer.

Health reasons

Ron Paul’s sudden departure from the CEO post is explained as follows. Eagle Bancorp said: “Mr. Paul indicated that his decision was the result of serious health developments which would substantially interfere with his ability to perform his duties and obligations to the Company and the Bank.”

“Retirement”

Eagle Bancorp said: “[O]n March 20, 2019, Ronald D. Paul, Chairman, President and Chief Executive Officer of the Company, and Chairman and Chief Executive Officer of the Bank, advised the Board of Directors of his retirement, effective immediately, from all positions as an officer and director of the Company, the Bank and their subsidiaries.”

In the position of CEO since 2006

Paul was President, Chief Executive Officer and Chairman of the Board of Directors of the Company.

He has served as Chairman since May 2008, and prior to that time was Vice Chairman and Chief Executive Officer since the organization of the Company in 1997.

He also has served as Chairman of the Board of Directors of the Bank since its organization. Since June 2006, he has served as Chief Executive Officer of the Bank, and he served as Interim President of the Bank from November 3, 2003 until January 26, 2004.

Paul is President of RDP Management, Inc., which is engaged in the business of real estate investment and management.

Paul is also active in various charitable organizations, including chairing the Ron & Joy Paul Kidney Center at George Washington University, and serving as the Chairman from 2002 to 2003 of the National Kidney Foundation.

In 2017, Paul received the Lifetime Achievement Award from the Urban Land Institute.

In 2013, Paul was the recipient of the American Banker magazine “Community Banker of the Year” award and, in 2014, Paul was named Community Banker of the Year – East Region by the Independent Community Bankers of America. Other honors include “Father of the Year”, “Entrepreneur of the Year” (2009), “Washingtonian of the Year” (2010), inducted into the Washington Business Hall of Fame (2012), named Community Banker of the Year by American Banker Magazine (2012), and Montgomery County (Maryland) Business Hall of Fame (2015).

Paul is also a member of the Community Depository Institutions Advisory Council of the Federal Reserve Bank of Richmond and a Director of the Montgomery County Maryland Economic Development Corporation.

The Board of Directors of the Company has elected Vice Chair, Norman R. Pozez, to succeed Paul as Chair of the Board of Directors.

Pozez, formerly Chair of Fidelity & Trust Bank, has been a member of the Board of Directors of the Company since 2008.

Paul has previously had two kidney transplants and has donated millions to fund kidney research.

Push-out Score not determined

When the reason for the departure is health-related, a Push-out Score™ is not determined.

Read the full story in the exechange report 13.2019 ($).