- Push-out Score determined
- After 20 years in the position
- Praise for Madonna
- Vernon Hill taking over
- Madonna will remain as President and Chairman Emeritus at Republic First
- Madonna said 88 words
(exechange) — Philadelphia, Pennsylvania, February 26, 2021 — Harry Madonna, chief executive of Republic First, leaves his position. As announced by Republic First Bancorp Inc. in a news release published on Wednesday, February 24, 2021 and in a regulatory filing published on Friday, February 26, 2021, Harry D. Madonna leaves his post as chief executive officer at the parent company of Republic Bank after 20 years in the role.
It is the end of an era.
The exact date of Harry Madonna’s departure from his post was not explicitly given in the announcement.
Harry Madonna’s duties as CEO will be taken over by Vernon W. Hill, currently Chairman of Republic First Bancorp Inc.
Republic First has already removed the name of Madonna as Chief Executive Officer from the leadership page on its website and lists Vernon Hill as Chairman and Chief Executive Officer.
No reason given
In the announcement, Republic First did not explicitly explain the reason for Harry Madonna’s move, leaving room for speculation.
Madonna will remain as President and Chairman Emeritus at Republic First
Republic First said: “Harry D. Madonna, presently President and Chief Executive Officer of the Corporation and Chief Executive Officer of the Bank, will remain as President and Chairman Emeritus of the Corporation.”
Share price decline since February 2018
The announcement follows a decline in Republic First Bancorp Inc.’s share price of 59% since February 2018.
In the position of CEO since 2001
Harry Madonna became CEO of the Company in 2001.
Harry D. Madonna has served as president and chief executive officer of the Company since 2001.
Madonna has also served as chairman of the Bank since 1988 and chief executive officer of the Bank since 2001.
He served as chairman of the Company from 1988 to 2016 and served as the Bank’s president from 2001 until May 2010. From 1999 through November 2012, Madonna served as executive chairman of First Bank of Delaware and served as its chief executive officer from January 2002 until July 2008.
Madonna was of counsel to Spector Gadon & Rosen, PC, a general practice law firm located in Philadelphia, Pennsylvania from January 1, 2002 until June 30, 2005 and prior to that, was a partner of Blank Rome LLP, a law firm located in Philadelphia, Pennsylvania from 1980 until December 2001.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Harry Madonna’s move on a scale of 0 to 10.
Read the full story in the exechange report 9.2021 ($).