- Push-out Score determined
- After 13 years in the position
- Accolades, praise and thanks for Brice
- Search for a successor
- Brice kept it short and said 34 words
(exechange) — Indiana, Pennsylvania, October 2, 2020 — Todd Brice, chief executive of S&T, leaves. As announced by S&T Bancorp Inc. in a news release and in a regulatory filing published on Friday, October 2, 2020, Todd D. Brice leaves his post as chief executive officer at the bank holding company after 13 years in the role, effective March 31, 2021.
S&T will undertake a search for a successor.
“Bring to a close a remarkable career”
S&T did not give an explicit reason for Todd Brice’s departure from the CEO post. S&T said: “Mr. Brice’s decision to retire will bring to a close a remarkable career of over 35 years with S&T and S&T Bank, including over a decade as chief executive officer.”
Precise information regarding Todd Brice’s future plans was not immediately available.
“Retire”
S&T said: “Todd D. Brice will retire as chief executive officer of S&T and S&T Bank, and as a member of the boards of directors of S&T and S&T Bank, effective March 31, 2021.”
Share price decline
The announcement follows a decline in S&T Bancorp Inc.’s share price of 58% since October 2018.
Chaired by Christine J. Toretti
Christine J. Toretti serves as S&T Bancorp Inc.’s Chairperson.
Christine J. Toretti was named Chairperson of the S&T Board and S&T Bank Board in 2018 and was formerly Vice Chairperson of the S&T Board and S&T Bank Board from 2013 to 2018.
In the position of CEO since 2008
Todd Brice became CEO of the Company in 2008.
Brice has agreed, for three years following his retirement, to continue on as a consultant providing special advisory services to S&T and S&T Bank, including providing support, advice and counsel to the successor chief executive officer, assisting in maintaining and developing community, customer, regulatory and business relationships and assisting with special projects.
Brice has been the Chief Executive Officer of S&T and S&T Bank since 2008.
He previously served as President of S&T and S&T Bank from 2004 to January 2019.
Brice was formerly Chief Operating Officer of S&T and S&T Bank from 2004 until 2008 and Executive Vice President of Commercial Lending at S&T and S&T Bank from 2002 until 2004.
He currently serves on the board of directors for the Greater Pittsburgh Chamber of Commerce and the Seton Hill University Board of Trustees.
Brice previously served as a member of the boards of directors for the Pittsburgh Branch of the Federal Reserve Bank of Cleveland, Indiana Regional Medical Center and the Indiana County YMCA.
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 S&T and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2020 ($).