- Push-out Score determined
- After around 11 years in the position
- Accolades, praise, thanks and good wishes for Judd
- Tom Lopp taking over
- Judd said 95 words
(exechange) — Southfield, Michigan, October 17, 2019 — Gary Judd, chief executive of Sterling Bancorp, leaves. As announced by Sterling Bancorp Inc. in a news release on Thursday, October 17, 2019, Gary Judd leaves his post as Chief Executive Officer at the holding company of Sterling Bank and Trust, F.S.B. after around 11 years in the role, effective November 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 announced their departure over the past 12 months was 7.2 years, according to data compiled by exechange. On an accumulated basis, around 26% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
Gary Judd’s duties as CEO will be taken over by Tom Lopp, currently President, Chief Operating Officer and Chief Financial Officer of Sterling Bancorp, Inc.
It is a generational change as well. Tom Lopp is about 23 years younger than Gary Judd.
“Leadership succession plan”
Gary Judd’s departure from the CEO post is explained as follows. The Board of Directors Compensation Committee Chairman, Lyle Wolberg, said: “The Board has had this leadership succession plan in place for a number of years and is confident that Tom is the right choice to lead the Company into its next period of growth.”
Precise information regarding Gary Judd’s future plans was not immediately available.
“Retire”
Sterling Bancorp said: “Chairman and CEO Gary Judd will retire after over eleven years of service with the Company.”
Share price increase since January 2019
The announcement follows an increase in Sterling Bancorp, Inc.’s share price of 39% since January 2019.
In the position of CEO since 2008
Gary Judd became CEO of the Company in August 2008.
Judd has served as the Company’s chairman and chief executive officer since August 2008.
Additionally, he served as the Company’s president from 2008 until 2016.
He began his banking career with Citibank, serving over sixteen years, including assignments over eight years in international banking based in New York, the Middle East, and India.
Judd held positions in commercial lending, operations, treasury/foreign exchange, and country management.
He held domestic positions in Citibank’s Operating Group, worked on acquisitions at Citicorp, and ending as Citibank’s Consumer Group’s senior executive for Manhattan south of Forty Second Street.
Judd was also responsible as a business manager for a large scale consumer banking system development project.
He then served as a general partner of Campbell Oil, Ltd., a private oil and gas exploration and production company in Denver, Colorado.
Judd was co-founder, president, chief executive officer, and director of Vectra Bank.
After its sale to Zions Bancorporation, he served as president, chief executive officer, and chairman of Vectra Bank Colorado and as a vice president of Zions Bancorporation, serving on its Executive Committee.
Judd then served as president and director of Metyor, Inc., a technology start-up company based in Sydney, Australia, before returning to banking as a senior executive and director with WestStar Bank/Vail Banks, becoming president and chief executive officer in 2004.
Following the sale of Vail Banks to U.S. Bank, he served as chairman of U.S. Bank’s Denver, Colorado Board.
He holds a M.A. from Johns Hopkins University School of Advanced International Studies.
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.
Read the full story in the exechange report 42.2019 ($).