- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Mestrich
- Search for a successor
- Mestrich spoke at length and said 164 words
(exechange) — New York, October 14, 2020 — Keith Mestrich, chief executive of Amalgamated, leaves. As announced by Amalgamated Bank and Amalgamated Financial Corp. in a news release and in a regulatory filing published on Wednesday, October 14, 2020, Keith R. Mestrich leaves his post as chief executive officer at the commercial bank after almost seven years in the role, effective January 31, 2021.
Amalgamated will undertake a search for a successor.
“Pursue the next chapter in my career”
Keith Mestrich’s departure from the CEO post is explained as follows. Mestrich said: “Amalgamated Bank is a special institution, and the decision to leave came after much reflection, but, given all that we accomplished, there could not be a better time for me to turn over the reins and pursue the next chapter in my career.”
Precise information regarding Keith Mestrich’s future plans was not immediately available.
“Step down”
Amalgamated said: “Keith Mestrich has informed the Board of Directors that he will step down from his positions as President and Chief Executive Officer on January 31, 2021. At that time, he will transition from a director to special advisor to the Board through July 2021.”
Amalgamated further said: “On October 7, 2020, Keith R. Mestrich, the President and Chief Executive Officer and a director of the Company and the Bank, notified the Boards of Directors of the Company and the Bank that he will step down from his positions as President, Chief Executive Officer and director of the Company and the Bank, effective January 31, 2021.”
“Not due to any disagreement”
“Mr. Mestrich’s departure is not due to any disagreement with the Company or the Bank regarding its operations, policies or practices,” Amalgamated said.
Share price decline
The announcement follows a decline in Amalgamated Bank’s share price of 24% since October 2019.
Chaired by Lynne Fox
Lynne Fox serves as Amalgamated Bank’s Chair of the Board.
Lynne Fox has been a board member since 2000, and, in 2016, she became the first woman in Amalgamated Bank’s near 100-year history to serve as Chair.
In the position of CEO since 2014
Keith Mestrich became CEO of the Company in 2014.
Mestrich joined Amalgamated Bank in 2012 and has served as its President and Chief Executive Officer since 2014.
Keith Mestrich serves as President and Chief Executive Officer of Amalgamated Bank, which is America’s largest socially responsible financial institution holding over $6 billion in assets and nearly $45 billion in custody and investment assets under management.
Keith Mestrich was appointed CEO in June 2014.
He inherited a non-performing institution and over the past years has led the bank’s full financial recovery.
Mestrich joined the Bank in 2012 where he first led Amalgamated’s Washington, D.C. operation.
Mestrich serves on numerous nonprofit boards including the Roosevelt Institute, the Mayor’s Fund for New York City, the Democracy Alliance, DC-based Martha’s Table, and the New York Department of Financial Services State Charter Advisory Board to name a few.
He is also a founding member of the Aspen Institute’s Finance Fellowship and an active participant in the Aspen Global Leadership Network.
Prior to joining Amalgamated, Mestrich served as the Chief Financial Officer and Deputy Chief of Staff for the Service Employees International Union (SEIU) and the first Chief of Staff of Worker’s United.
Previously, Mestrich worked at the clothing workers union known as UNITE, where he served in various capacities including Director of Corporate Affairs, President of Service Workers United, and Executive Assistant to the International President.
Mestrich began his career in the labor movement as a corporate researcher at the AFL-CIO.
Mestrich graduated magna cum laude from Kalamazoo College with a degree in Political Science and Public Policy, where he was elected as a member of Phi Beta Kappa.
He currently lives in Washington, D.C.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Amalgamated and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2020 ($).