- Push-out Score determined
- After about 47 years in the position
- Accolades for Adams
- Rick Adams, Jr. taking over
- Adams will remain as Executive Chairman at United Bankshares
(exechange) — Washington, D.C. & Charleston, West Virginia, March 1, 2022 — Richard Adams, chief executive of United Bankshares, leaves his position. As announced by United Bankshares Inc. in a news release published on Monday, February 28, 2022, and in a regulatory filing published on Tuesday, March 1, 2022, Richard M. Adams leaves his post as chief executive officer at the parent company of United Bank, after about 47 years in the role, effective April 1, 2022.
It is the end of an era.
Richard Adams’s duties as CEO will be taken over by Richard M. (Rick) Adams, Jr., currently President at United Bankshares Inc.
It is a generational change as well. Rick Adams, Jr. is about 21 years younger than Richard Adams.
Richard M. Adams, Jr. is the son of Richard M. Adams.
No reason given
In the announcement, United Bankshares did not explicitly explain the reason for the move.
Adams will remain as Executive Chairman at United Bankshares
“Richard M. Adams, Chairman and CEO of United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today announced the Board of Directors’ approval of an executive management reorganization to become effective at the beginning of the 2nd quarter, April 1, 2022. Under the reorganization, Adams will become the Executive Chairman of the Board of United,” United Bankshares said.
Share price decline since February 2017
The announcement follows a decline in United Bankshares Inc.’s share price of 17% since February 2017.
In the position of CEO since 1975
Richard Adams became CEO of the Company in 1975.
Richard M. Adams is the Chairman and Chief Executive Officer of United and the Chairman of the Board of United Bank.
Adams previously served as the Chairman and Chief Executive Officer of United Bank, Inc., a former subsidiary of United.
Adams also served as the Chief Executive Officer of The Parkersburg National Bank (“PNB”), the predecessor to United, from 1975 to 1984, and as the Chairman of the Board of PNB from 1976 to 1984.
Adams has been a director of the Company since 1984.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Richard Adams’s move on a scale of 0 to 10.
exechange reached out to United Bankshares and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2022 ($).