- After around 15 years in the position
- Merger with CenterState
- Praise for Hill
- John Corbett taking over
- Hill will remain as Executive Chairman at the combined company
- Hill kept it short and said 37 words
(exechange) — Winter Haven, Florida & Columbia, South Carolina, January 29, 2020 — Robert Hill, chief executive of South State, leaves his position. As announced by South State Corp. in a news release published on Monday, January 27, 2020 and in a regulatory filing published on Wednesday, January 29, 2020, Robert R. Hill leaves his post as chief executive officer at the bank holding company after around 15 years in the role, effective in the third quarter of 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 announced their departure over the past 12 months was 7.5 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.
Robert Hill’s duties as CEO will be taken over by John C. Corbett, currently Chief Executive Officer of CenterState.
Merger with CenterState
South State said: “CenterState Bank Corporation (NASDAQ: CSFL) (“CenterState”), the parent company of CenterState Bank, and South State Corporation (NASDAQ: SSB) (“South State”), the parent company of South State Bank, jointly announced today that they have entered into a definitive agreement under which the companies will combine in an all-stock merger of equals with a total market value of approximately $6 billion to create a leading Southeastern-based regional bank.”
The merger is expected to close in the third quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.
Share price increase since November 2004
The announcement follows an increase in South State Corp.’s share price of 155% since November 2004.
In the position of CEO since 2004
Robert Hill became CEO of the Company in 2004.
Hill has served as Chief Executive Officer of the Company since November 6, 2004.
Hill also served as President of the Company from November 6, 2004 to July 26, 2013.
Prior to that time, Hill served as President and Chief Operating Officer of South State Bank, from 1999 to November 6, 2004.
Hill joined the Company in 1995.
He was appointed to serve on the Federal Reserve Board of Directors in December 2010.
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities, a Push-out Score™ is not determined.
Read the full story in the exechange report 5.2020 ($).