- Push-out Score determined
- After less than four years in the position
- Accolades and praise for Davis
- Search for a successor
- Davis said 84 words
(exechange) — Suffolk, Virginia, January 27, 2022 — Morgan Davis, chief executive of TowneBank, leaves. As announced by TowneBank in a news release on Thursday, January 27, 2022, J.Morgan Davis leaves his post as chief executive officer at the bank, after less than four years in the role, effective in 2022.
TowneBank will undertake a search for a successor.
No reason given
In the announcement, TowneBank did not explicitly explain the reason for the move.
Precise information regarding Morgan Davis’s future plans was not immediately available.
TowneBank said: “J. Morgan Davis, a founding member of the Company and current Chief Executive Officer, plans to retire in 2022.”
Share price increase since January 2019
The announcement follows an increase in TowneBank’s share price of 32% since January 2019.
In the position of CEO since 2018
Morgan Davis became CEO of the Company in 2018.
In order to ensure a smooth and orderly transition process, Davis intends to remain in his current position until the appointment of his successor and will help with the transition as necessary, after which he will serve as a senior advisor to the Company.
Davis has served as President of TowneBank since 2011.
He also served as Chief Banking Officer from 2011 until December 2018.
In March 2018, in connection with the formation of a new Corporate Management Group as part of a long-term management succession plan, Davis assumed the additional position of Chief Executive Officer of the Company.
Prior to 2011, he served as President of Towne Financial Services Group (“TFS”), which oversees the Company’s non-banking businesses (mortgage, insurance, and real estate brokerage) from 2005 to 2011, and as President of TowneBank Virginia Beach from 1999 to 2005.
Davis is a 40-year banking veteran and served as the founding President of a local banking institution for 13 years before becoming a founding member of TowneBank in 1998.
Davis has served on the boards of several prominent community organizations.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Morgan Davis’s move on a scale of 0 to 10.
exechange reached out to TowneBank and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2022 ($).