- Push-out Score determined
- After 11 years in the position
- David Morris taking over temporarily
(exechange) — Los Angeles, California, April 11, 2022 — Alan Thian, chief executive of RBB Bancorp, leaves. As announced by RBB Bancorp in a news release on Monday, April 11, 2022, Yee Phong (Alan) Thian leaves his post as chief executive officer at the community-based financial holding company, after 11 years in the role, effective immediately.
Alan Thian’s duties as CEO have been taken over temporarily by David R. Morris, most recently Chief Financial Officer at RBB Bancorp, as Interim Chief Executive Officer.
On February 22, 2022, RBB Bancorp issued a press release announcing that President and Chief Executive Officer Alan Thian “will take a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of the RBB Board of Directors.”
On February 22, 2022, RBB Bancorp had further stated: “The RBB Board of Directors has appointed David Morris, Executive Vice President and Chief Financial Officer, as Interim President and Chief Executive Officer. Mr. Morris will continue in his role as CFO.”
“Following the completion of an internal investigation”
Alan Thian’s departure from the CEO post is explained as follows. RBB Bancorp said: “President and Chief Executive Officer Alan Thian has resigned effective immediately following the completion of an internal investigation conducted by a special committee of the Board of Directors. Mr. Thian had been on a paid leave of absence since February 22, 2022. The investigation, which was conducted by an independent outside law firm on behalf of a special committee of the Board of Directors, identified violations of Company policies and procedures, including those relating to personnel decisions, as well as resulting adverse effects on officer and employee morale. The Board of Directors and management indicated that the violations did not have any overall adverse financial impact on the Company.”
Precise information regarding Alan Thian’s future plans was not immediately available.
Share price increase since April 2019
The announcement follows an increase in RBB Bancorp’s share price of 20% since April 2019.
In the position of CEO since 2011
Alan Thian became CEO of the Company in 2011.
Thian has served as the Chairman, President and Chief Executive Officer of the Company since its formation in 2011 and the Bank since it began operations in 2008.
Thian was appointed twice to the Federal Deposit Insurance Corporation (“FDIC”) Community Bank Advisory Committee and previously served as a member on the Consumer Financial Protection Bureau (“CFPB”) Community Bank Advisory Committee.
Thian previously served as the President and Chief Executive Officer of First Continental Bank from July 2000 until its acquisition by United Commercial Bank in July 2003.
Following the acquisition, Thian served as the Executive Vice President and Regional Director of United Commercial Bank until April 2007.
From June 1997 to October 1997, Thian served as the President and Chief Executive Officer of American International Bank and continued to serve as a director of the bank until January 2000.
Thian began his banking career at General Bank where he served as a director from June 1982 to June 1997 and also in various officer positions.
He is the brother of Fui Ming (Catherine) Thian, who is also a director of the Company and the Bank. Thian holds a B.A. from Nan Yang University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Alan Thian’s move on a scale of 0 to 10.
exechange reached out to RBB Bancorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 16.2022 ($).