- After 16 years in the position
(exechange) — Franklin, North Carolina, January 2, 2020 — This news came the day after New Year’s Day. Roger Plemens, chief executive of Entegra, leaves. As announced by Entegra Financial Corp. in a regulatory filing published on Thursday, January 2, 2020, Roger D. Plemens has left his post as Chief Executive Officer at the community bank after 16 years in the role, effective December 31, 2019.
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 announced their departure over the past 12 months was 7.6 years, according to data compiled by exechange. On an accumulated basis, around 12% of the CEOs who announced their departure over the past 12 months left their posts after more than 15 years.
On August 1, 2019, Entegra Financial Corp. (Entegra) and First-Citizens Bank & Trust Company (First Citizens Bank) announced that, at Entegra’s 2019 Annual Meeting of Shareholders, Entegra’s shareholders voted to approve First Citizens Bank’s previously announced proposal to acquire (by merger) Entegra and its wholly-owned subsidiary, Entegra Bank.
“Merger”
Roger Plemens’s departure from the CEO post is explained as follows. Entegra said: “In connection with the Mergers, all of Entegra’s directors and executive officers ceased serving as directors and executive officers of Entegra as of the Effective Time. Also in connection with the Merger, the employment of each of Roger D. Plemens, Entegra’s President and Chief Executive Officer, and David A. Bright, Entegra’s Chief Financial Officer, was terminated effective as of the Closing Date. Entegra and Mr. Plemens entered into a Consulting Agreement effective immediately after the Effective Time. Ryan Scaggs, Entegra’s Chief Operating Officer, entered into a First Amendment to Employment and Change of Control Agreement and Release of Claims with Entegra effective immediately upon the Closing Date.”
Share price increase since January 2019
The announcement follows an increase in Entegra Financial Corp.’s share price of 36% since January 2019.
In the position of CEO since 2004
Roger Plemens became CEO of the Company in 2004.
Plemens, who became President and Chief Executive Officer (the “CEO”) of the Company and the Bank in 2004, has served the Bank in various capacities, including mortgage officer, manager of mortgage lending, and Chief Lending Officer since joining the Bank in 1978.
Plemens has been a member of the Company’s Board and the Bank Board since 2004.
Plemens currently serves on the Boards of the North Carolina Bankers Association and Macon County Economic Development Commission.
Plemens previously served on the Board of Trustees of Angel Medical Center and the Western Carolina University Foundation.
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities, a Push-out Score™ is not determined.
Read the full story in the exechange report 1.2020 ($).