- Push-out Score determined
- After less than half a year in the position
- Steve Huber taking over in the interim
- Search for a successor
(exechange) — Southfield, Michigan, May 8, 2020 — Thomas Lopp, chief executive of Sterling Bancorp, leaves. As announced by Sterling Bancorp Inc. in a news release and in a regulatory filing published on Friday, May 8, 2020, Thomas Lopp has left his post as chief executive officer at the holding company of Sterling Bank and Trust, F.S.B. after less than half a year in the role, effective May 7, 2020.
Sterling Bancorp will undertake a search for a successor.
Thomas Lopp’s duties as CEO will be taken over in the interim by Steve Huber, most recently Chief Financial Officer of Sterling Bancorp Inc., as acting Chief Executive Officer.
“Mr. Lopp indicated in his letter that he is resigning for health reasons”
Thomas Lopp’s departure from the CEO post is explained as follows. Sterling Bancorp said: “By letter dated May 7, 2020, Thomas Lopp resigned from his positions as President and Chief Executive Officer of Sterling Bancorp, Inc. (the “Company”) and Sterling Bank and Trust, F.S.B. (the “Bank”), effective immediately. Mr. Lopp also resigned from his position as Chairman of the Board and as a member of the Boards of Directors of the Company and the Bank. Mr. Lopp indicated in his letter that he is resigning for health reasons.”
Sterling Bancorp said: “Thomas Lopp, Chairman, President and Chief Executive Officer of the Company, informed the Company that he has resigned from all of his positions with the Company and the Bank due to health reasons, effective immediately.”
Share price decline
The announcement follows a decline in Sterling Bancorp Inc.’s share price of 47% since December 2019.
In the position of CEO since 2019
Thomas Lopp became CEO of the Company in 2019.
Lopp was elected President in 2016, and has served as Chief Operating Officer since 2009, and as Chief Financial Officer and Treasurer since 2002.
In 2015, he obtained additional responsibility as the executive in charge of the Southern California expansion.
Lopp joined Sterling in 1997 and prior leadership positions include Director of the Consumer Loan Division and Divisional Controller.
Prior to Sterling, he served as a senior financial analyst at First of America Bank Corporation, credit card product manager at NBD Bank, N.A., and credit card portfolio analyst for Security Bancorp, Inc., later acquired by First of America Bank Corporation.
Lopp has a B.B.A. in Finance from Walsh College.
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 Sterling Bancorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2020 ($).