- Push-out Score determined
- After about four years in the position
- Accolades, praise and thanks for Tai
- Chang Liu taking over
- Tai spoke at length and said 134 words
(exechange) — Los Angeles, California, July 16, 2020 — Pin Tai, chief executive of Cathay General, leaves. As announced by Cathay General Bancorp in a news release and in a regulatory filing published on Thursday, July 16, 2020, Pin Tai leaves his post as chief executive officer at the holding company for Cathay Bank after about four years in the role, effective September 30, 2020.
Pin Tai’s duties as CEO will be taken over by Chang M. Liu, currently Chief Operating Officer of Cathay Bank.
“Succession plan”
Pin Tai’s departure from the CEO post is explained as follows. Cathay General said: “In accordance with the Company’s succession plan, the boards of directors of the Company and Cathay Bank appointed Chang M. Liu as CEO and President of the Company, CEO of Cathay Bank and a member of the board of directors of the Company, in each case, effective October 1, 2020. Mr. Liu also will continue serving as President of Cathay Bank and a member on its board of directors.”
Precise information regarding Pin Tai’s future plans was not immediately available.
“Retire”
Cathay General said: “Pin Tai, in accordance with his previously disclosed employment agreement, will retire from his position as Chief Executive Officer (“CEO”) of the Company and Cathay Bank and resign as a member of the Board of Directors of the Company and Cathay Bank, effective September 30, 2020.”
Cathay General further said: “Mr. Liu will succeed Pin Tai, who will retire from his position as CEO of the Company and Cathay Bank and resign as a member of the board of directors of the Company and Cathay Bank, effective September 30, 2020, in accordance with his previously disclosed employment agreement.”
Share price decline
The announcement follows a decline in Cathay General Bancorp’s share price of 32% since July 2017.
Chaired by Dunson K. Cheng
Cathay General Bancorp is chaired by Dunson K. Cheng.
Dunson K. Cheng, Ph.D., has been the Executive Chairman of the Board of Bancorp and Cathay Bank since October 1, 2016. He was the Chairman of the Board, President, and Chief Executive Officer of Bancorp and Chairman of the Board and Chief Executive Officer of Cathay Bank from 1994 to September 2016, and the President of Cathay Bank from 1985 to March 2015.
In the position of CEO since 2016
Pin Tai became CEO of the Company in 2016.
Tai will remain with Cathay Bank as an executive advisor through September 30, 2021, supporting the transition, in accordance with his previously disclosed consulting agreement.
Pin Tai has been Chief Executive Officer of Bancorp and Cathay Bank since October 2016, Director of Cathay Bank since April 2015, and Director of Bancorp since August 2017.
Tai joined Cathay Bank in 1999 as General Manager of New York Region with a goal to establish the Company’s footing in the East Coast region.
In 2006, Tai became Executive Vice President and the General Manager of Eastern Regions, and then became the Deputy Chief Lending Officer in 2010 and the Chief Lending Officer in 2013.
Tai was President of Bancorp from 2016 and President of Cathay Bank from 2015 to September 2019.
He has also been a Director of Cathay Bank Foundation since 2004. Tai has over 32 years of banking experience.
Prior to joining Cathay Bank, Tai worked at Bank of China in its New York office to help establish its commercial lending operations in the United States.
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 Cathay General and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2020 ($).