- Push-out Score determined
- After almost 14 years in the position
- Accolades, praise and thanks for Myers
- Search for a successor
- Myers spoke at length and said 193 words
(exechange) — Ontario, California, July 18, 2019 — Chris Myers, chief executive of CVB Financial, leaves. As announced by CVB Financial Corp. in a news release on Thursday, July 18, 2019, Christopher D. (Chris) Myers leaves his post as Chief Executive Officer at the bank holding company after almost 14 years in the role, effective March 15, 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 7.5 years, according to data compiled by exechange. Only 28 percent of the CEOs who departed over the past 12 months left their position after more than 10 years.
CVB Financial will undertake a search for a successor.
“It is the right time”
Chris Myers’s departure from the CEO post is explained as follows. Myers said: “I believe it is the right time for me to step aside and help the Bank transition to new leadership.”
Precise information regarding Chris Myers’s future plans was not immediately available.
CVB Financial said that “the Company’s President and CEO, Christopher Myers, has decided to retire effective March 15, 2020 and the Company’s Board of Directors has begun the leadership transition process for the organization.”
Share price decline
The announcement follows a decline in CVB Financial Corp.’s share price of 11 percent since July 2018.
Chaired by Raymond V. O’Brien III
CVB Financial Corp. is chaired by Raymond V. O’Brien III.
Raymond V. O’Brien III is Chairman of the Board and has served on the Company’s Board since 2012.
In the position of CEO since 2006
Myers, who has served as the Company’s chief executive since 2006, will remain available to the Company as a consultant through December 31, 2020 in order to facilitate a smooth and orderly transition.
Christopher D. Myers is the President and Chief Executive Officer of CVB Financial Corp. and Citizens Business Bank.
He has served in that capacity and as a Board member since August 1, 2006.
From 2004 to 2006, Myers served as Chairman of the Board and Chief Executive Officer of Mellon 1st Business Bank, a $3 billion-asset Los Angeles-based bank that was later acquired by U.S. Bank.
From 1996 to 2003, he held several management positions with Mellon 1st Business Bank, including Executive Vice President, Regional Vice President, and Vice President/Group Manager.
He is presently a board member of the California Bankers Association and the UCLA Anderson School of Management’s Fink Center for Finance and Investments.
Myers received his B.A. from Harvard University and his M.B.A. in Finance and Marketing from UCLA and has over 30 years of experience in banking.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to CVB Financial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2019 ($).