- Push-out Score determined
- After about a year and a half in the position
- Praise, thanks and good wishes for Wilton
- Walter Kaczmarek taking over in the interim
(exechange) — San Jose, California, March 15, 2021 — Keith Wilton, chief executive of Heritage, leaves. As announced by Heritage Commerce Corp. in a news release and in a regulatory filing published on Monday, March 15, 2021, Keith A. Wilton has left his post as chief executive officer at the holding company for Heritage Bank of Commerce after about a year and a half in the role, effective March 12, 2021.
Keith Wilton’s duties as CEO will be taken over in the interim by Walter T. Kaczmarek, a former President and Chief Executive Officer of Heritage Commerce Corp., as interim Chief Executive Officer.
Already a director
Kaczmarek is already a director of Heritage.
No reason given
In the announcement, Heritage did not explicitly explain the reason for Keith Wilton’s move, leaving room for speculation.
Precise information regarding Keith Wilton’s future plans was not immediately available.
“Retired”
Heritage said: “[O]n March 12, 2021, Keith Wilton retired as President and Chief Executive Officer of the Company and the Bank. Mr. Wilton has also retired as a director from the Company’s and the Bank’s Board of Directors.”
Share price decline since August 2019
The announcement follows a decline in Heritage Commerce Corp.’s share price of 11% since August 2019. August 2019 is the month in which Wilton’s tenure as CEO began.
Chaired by Jack Conner
Jack Conner serves as Heritage Commerce Corp.’s Chairman.
Jack Conner is former Chairman and CEO of Comerica California. He was also founder and President of Plaza Bank of Commerce.
In the position of CEO since 2019
Keith Wilton became CEO of the Company in 2019.
Keith Wilton became a director as of February 2019.
He served as the President and Chief Executive Officer of the Company and Heritage Bank of Commerce since August 8, 2019.
Prior to assuming these positions, he served as President of Heritage Bank of Commerce from April 2017, as Executive Vice President and Chief Operating Officer of Heritage Commerce Corp from February 2014.
Prior to joining Heritage Commerce Corp and Heritage Bank of Commerce, Wilton was an Executive Vice President with Pacific Capital Bancorp from 2010 through 2013.
Wilton was a consultant from 2008 to 2010 for several private equity firms assisting with investment and acquisition opportunities in the financial industry.
He was with Greater Bay Bancorp holding positions of Executive Vice President and President of the Specialty Finance Group from 2002 to 2007.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Keith Wilton’s move on a scale of 0 to 10.
exechange reached out to Heritage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2021 ($).