- Push-out Score determined
- After 13 years in the position
- Accolades, praise, thanks and good wishes for Bower
- Michael Peduzzi taking over
- Bower said 70 words
(exechange) — Clearfield, Pennsylvania, February 9, 2022 — Joe Bower, chief executive of CNB Financial, leaves his post. His departure is made public at an early stage. As announced by CNB Financial Corp. in a news release and in a regulatory filing published on Wednesday, February 9, 2022, Joseph B. (Joe) Bower leaves his post as chief executive officer at the parent company of CNB Bank, after 13 years in the role, effective December 31, 2022.
Joe Bower’s duties as CEO will be taken over by Michael Peduzzi, currently President and Chief Operating Officer at CNB Bank.
“I move on to the next chapter of my life”
CNB Financial did not give an explicit reason for Joe Bower’s departure from the CEO post. Bower said: “I move on to the next chapter of my life.”
Precise information regarding Joe Bower’s future plans was not immediately available.
“Retire”
CNB Financial said: “Together, Peter F. Smith, Chairman of the Board of Directors for CNB Bank and CNB Financial Corporation, and Joseph B. Bower, Jr., CEO of CNB Bank and President and CEO of CNB Financial Corporation, announced Mr. Bower’s intention to retire from these positions, effective July 1, 2022 and December 31, 2022, respectively. For the remainder of the year, Mr. Bower will work closely with his successor, Michael Peduzzi, President and Chief Operating Officer of CNB Bank, who will succeed Mr. Bower as President and CEO of CNB Financial Corporation, effective December 31, 2022, and CEO of CNB Bank, effective July 1, 2022.”
CNB Financial further said: “Joseph B. Bower, Jr., President and Chief Executive Officer of the Corporation and Chief Executive Officer of the Bank, will retire from such positions effective December 31, 2022 and July 1, 2022, respectively.”
Share price increase since February 2017
The announcement follows an increase in CNB Financial Corp.’s share price of 17% since February 2017.
In the position of CEO since 2010
Joe Bower became CEO of the Company in 2010.
Joseph B. Bower, Jr., has been with the Corporation since 1997 and previously served as Chief Financial Officer and Chief Operating Officer of CNB Bank as well as Secretary and Treasurer of CNB Financial Corporation.
In January 2010, he was named President and Chief Executive Officer of CNB Bank and CNB Financial Corporation.
Bower previously worked as a certified public accountant and holds a Bachelor of Arts in Accounting from Lycoming College in Williamsport, Pennsylvania.
In 1984, Bower enlisted in the United States Army, where after two and a half years the Army awarded him with a full ROTC scholarship.
Upon graduating from Lycoming College, Bower graduated from the U.S. Army Ordinance School Officer Basic Course.
Bower has served and continues to serve on various boards within the community.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Joe Bower’s move on a scale of 0 to 10.
exechange reached out to CNB Financial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2022 ($).