- Push-out Score determined
- After around 12 years in the position
- Tony Labozzetta taking over
- Martin will remain as Executive Chairman at Provident Financial
- Martin said 62 words
(exechange) — Iselin, New Jersey, January 6, 2022 — Chris Martin, chief executive of Provident Financial, leaves his position. As announced by Provident Financial Services Inc. in a news release and in a regulatory filing published on Thursday, January 6, 2022, Christopher (Chris) Martin has left his post as chief executive officer at the holding company for Provident Bank, after around 12 years in the role, effective January 1, 2022.
Chris Martin’s duties as CEO will be taken over by Anthony (Tony) Labozzetta, most recently President and Chief Operating Officer at Provident Financial Services Inc.
“Provide a fulfilling experience for our employees”
Provident Financial did not give an explicit reason for Chris Martin’s departure from the CEO post. Labozzetta said: “Our goal for the bank is to take it to the next level by advancing our efforts to provide a fulfilling experience for our employees, and delivering on our commitment to create deep emotional connections with our customers and increase shareholder value.”
Martin will remain as Executive Chairman at Provident Financial
“Mr. Martin will assume the role of Executive Chairman to continue to provide guidance and leadership to the Board,” Provident Financial said.
Provident Financial said: “Provident Bank, a leading New Jersey-based financial institution, has announced today that Anthony (Tony) Labozzetta has been appointed to the position of President and Chief Executive Officer. Labozzetta assumed the role on January 1, 2022. Mr. Labozzetta previously served as Director, President and Chief Operating Officer of Provident Bank, as well as for Provident Financial Services, Inc., the holding company for Provident Bank. He succeeds longtime CEO and Chairman Christopher (Chris) Martin.”
Provident Financial further said: “Effective January 1, 2022, Anthony Labozzetta, who currently serves as President and Chief Operating Officer of Provident Financial Services, Inc. (“Provident Financial”) and its wholly owned subsidiary, Provident Bank (the “Bank”), has been appointed to serve as President and Chief Executive Officer of Provident Financial and the Bank.”
Share price decline since January 2017
The announcement follows a decline in Provident Financial Services Inc.’s share price of 13% since January 2017.
In the position of CEO since 2009
Chris Martin became CEO of the Company in 2009.
Martin has served as Chairman since April 2010 and as Chief Executive Officer of Provident and Provident Bank since August 2020.
Prior to that time he served as Chief Executive Officer and President since September 2009.
He serves on the boards of directors of the Federal Home Loan Bank of New York and the New Jersey Bankers Association.
He also serves on the Board of Trustees and Executive Committee for Elon University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Chris Martin’s move on a scale of 0 to 10.
exechange reached out to Provident Financial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 2.2022 ($).