- Push-out Score determined
- After around 12 years in the position
- Praise and thanks for Martinez
- Steve Retzloff taking over
- Martinez will remain as Chairman at Allegiance
- Martinez said 115 words
(exechange) — Houston, Texas, October 25, 2019 — George Martinez, chief executive of Allegiance, leaves his position. As announced by Allegiance Bancshares Inc. in a news release and in a regulatory filing published on Friday, October 25, 2019, George Martinez leaves his post as Chief Executive Officer at the holding company of Allegiance Bank after around 12 years in the role, effective January 1, 2020.
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 7.3 years, according to data compiled by exechange. On an accumulated basis, around 27% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
George Martinez’s duties as CEO will be taken over by Steven F. (Steve) Retzloff, currently President of Allegiance Bancshares, Inc.
“Succession plan”
George Martinez’s departure from the CEO post is explained as follows. George Martinez said: “With the company in a strong financial position and with its outstanding culture and people in place, this is the right time for Allegiance to move forward with the next step in the succession plan we established twelve years ago when Steve and I co-founded the Bank.”
Martinez will remain as Chairman at Allegiance
“Mr. Martinez, age 77, will continue to serve as Chairman of Allegiance’s Board of Directors in 2020. In addition, Mr. Martinez will retire as Chief Executive Officer of the Bank and assume the role of Vice Chairman of the Bank on January 1, 2020,” Allegiance said.
“Succeeding”
Allegiance said: “Steven F. Retzloff, age 63, the current President of Allegiance, will be promoted to Chief Executive Officer, effective January 1, 2020, succeeding George Martinez in the role.”
Share price increase since January 2016
The announcement follows an increase in Allegiance Bancshares, Inc.’s share price of 57% since January 2016.
In the position of CEO since 2007
George Martinez became CEO of the Company in October 2007.
George Martinez is one of the organizers of the Bank and has been the Chairman of the Company’s board and the Company’s Chief Executive Officer since 2008 and Chief Executive Officer of the Bank since 2007.
Martinez began his banking career in 1974 as the co-founder of Sterling Bank, where he served as an Executive Vice President from 1974 to 1980, and then as Chief Executive Officer of Sterling Bancshares, Inc. a publicly traded multi-billion dollar financial institution, from 1980-2001 and as Chairman from 1992-2004.
From 1998 to 2008, Martinez served as President of Chrysalis Partners, LLC, an executive leadership consulting firm.
He currently serves on the Board of Directors of NCI Building Systems, Inc. (NCS:NYSE), Landmark Worldwide Enterprises, Inc. and the University of St. Thomas.
Martinez received a Bachelor of Business Administration and Economics degree from Rice University.
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 Allegiance and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2019 ($).