- Push-out Score determined
- After less than four years in the position
- Praise, thanks and good wishes for Vertin
- Brad Dinsmore taking over
(exechange) — Costa Mesa, California, August 29, 2019 — Tom Vertin, chief executive of Pacific Mercantile, leaves. As announced by Pacific Mercantile Bancorp in a news release and in a regulatory filing published on Thursday, August 29, 2019, Thomas M. (Tom) Vertin, Chief Executive Officer, leaves the holding company of Pacific Mercantile Bank after less than four years in the role, effective September 3, 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 announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
Tom Vertin’s duties as CEO will be taken over by Brad R. Dinsmore, most recently Corporate Executive Vice President of SunTrust Banks.
The fact that Tom Vertin’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Due to his desire to relocate to Northern California”
Tom Vertin’s departure from the CEO post is explained as follows. Pacific Mercantile said: “Mr. Dinsmore succeeds Thomas M. Vertin, who has resigned from the Company and the Bank, effective September 3, 2019, due to his desire to relocate to Northern California.”
Precise information regarding Tom Vertin’s future plans was not immediately available.
Pacific Mercantile said: “On August 29, 2019, Pacific Mercantile Bancorp (the “Company”) announced that Thomas M. Vertin, President and Chief Executive Officer of both the Company and its subsidiary, Pacific Mercantile Bank (the “Bank”), would resign as an officer, employee and director of the Company and the Bank, effective as of September 3, 2019.”
Share price decline
The announcement follows a decline in Pacific Mercantile Bancorp’s share price of 24% since September 2018.
Chaired by Edward J. Carpenter
Pacific Mercantile Bancorp is chaired by Edward J. Carpenter.
Edward J. Carpenter has served as the Chairman of the Board and a member of the Company’s Board of Directors since 2012.
In the position of CEO since 2016
Tom Vertin became CEO of the Company in January 2016.
Thomas M. Vertin has served as a member of the Company’s Board of Directors since January 2016.
Vertin was promoted to President and Chief Executive Officer of the Company and its subsidiary, Pacific Mercantile Bank (the “Bank”), on January 1, 2016, and prior to that served as the President of the Commercial Bank Division since September 2012.
Prior to joining the Bank, Vertin held senior executive positions at Silicon Valley Bank (“SVB”), a wholly-owned subsidiary of SVB Financial Group, including Chief Operating Officer and Head of the California Division.
Vertin led three turn-arounds during his 18 years with SVB and has more than 35 years of banking experience.
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 Pacific Mercantile and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2019 ($).