- Push-out Score determined
- After about six and a half years in the position
- Praise, thanks and good wishes for Cargill
- Larry Helm taking over in the interim
- Search for a successor
- Cargill said 95 words
(exechange) — Dallas, Texas, May 26, 2020 — This news came the day after Memorial Day. Keith Cargill, chief executive of Texas Capital, leaves. As announced by Texas Capital Bancshares Inc. in a news release and in a regulatory filing published on Tuesday, May 26, 2020, C.Keith Cargill has left his post as chief executive officer at the parent company of Texas Capital Bank after about six and a half years in the role, effective May 25, 2020.
Texas Capital will undertake a search for a successor.
Keith Cargill’s duties as CEO will be taken over in the interim by Larry L. Helm, most recently Chairman of Texas Capital Bancshares Inc.
“To achieve enhanced operational focus”
Texas Capital did not give an explicit reason for Keith Cargill’s departure from the CEO post. Elysia Ragusa, Chair of the Texas Capital Bancshares Governance and Nominating Committee, said: “As part of our focus on succession planning, the Board believes that it is the right time for a transition in leadership as the Company executes a strategy to achieve enhanced operational focus and profitable, long-term value creation.”
Precise information regarding Keith Cargill’s future plans was not immediately available.
“Stepped down/ceased serving”
Texas Capital said: “Texas Capital Bank, N.A., and its parent company Texas Capital Bancshares, Inc. (NASDAQ: TCBI), collectively referred to herein as “Texas Capital,” today announced that C. Keith Cargill has stepped down as President and Chief Executive Officer and a member of the Board of Directors of both companies, effective immediately.”
Texas Capital further said: “The Company also announced that, effective May 25, 2020, C. Keith Cargill has ceased serving as a director of the Board and President and Chief Executive Officer of the Company and will become Vice Chairman of the Company until January 1, 2021.”
Share price decline
The announcement follows a decline in Texas Capital Bancshares Inc.’s share price of 70% since May 2018.
In the position of CEO since 2014
Keith Cargill became CEO of the Company in 2014.
Cargill has served as President and Chief Executive Officer of the Company and as a member of the Board since January 1, 2014.
He has served as Chief Executive Officer of the Bank since June 2013, after becoming President of the Bank in October 2008.
He served as Chief Lending Officer of the Bank since its inception in December 1998 through July 2013. Cargill has more than 25 years of banking experience in the North Texas area.
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 Texas Capital and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2020 ($).