- Push-out Score determined
- After about three and a half years in the position
- Praise and thanks for Foster
- Eric Meilstrup taking over
- Foster said 62 words
(exechange) — Lebanon, Ohio, May 30, 2019 — Steve Foster, chief executive of LCNB, leaves. As announced by LCNB Corp. in a news release and in a regulatory filing published on Thursday, May 30, 2019, Steve P. Foster leaves his post as Chief Executive Officer at the financial holding company after about three and a half years in the role, effective June 30, 2019.
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 7.8 years, according to data compiled by exechange.
Steve Foster’s duties will be taken over by Eric J. Meilstrup, currently President of LCNB Corp.
No reason given
In the announcement, LCNB did not explicitly explain the reason for Steve Foster’s imminent move.
Precise information regarding Steve Foster’s future plans was not immediately available.
LCNB said: “Steve P. Foster will retire as Chief Executive Officer of LCNB Corp. and its subsidiary, LCNB National Bank, effective June 30, 2019.”
Share price decline
The announcement follows a decline in LCNB Corp.’s share price of 30 percent since December 2016.
Chaired by Spencer S. Cropper
LCNB Corp. is chaired by Spencer S. Cropper.
In the position of CEO since 2015
Steve P. Foster is Chief Executive Officer of both LCNB Corp. and LCNB National Bank.
He joined the LCNB staff in 1977 and has served as internal auditor, branch manager, and loan officer.
He started the Information Technology Department and served as Chief Financial Officer and more recently President.
He was elected to the LCNB Board of Directors in 2005 and serves on the Trust Investment Committee, the Building Committee, the Bond Committee, the Pension Committee, and the Loan Committee.
On December 28, 2015, he was appointed as Chief Executive Officer of LCNB and the Bank.
Following his retirement, he will continue to serve on the Board of Directors of LCNB Corp. and LCNB National Bank.
Foster steps down after 45 years in the banking industry, 42 at LCNB.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to LCNB and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2019 ($).