- Push-out Score determined
- After about a year and a half in the position
- Search for a successor
(exechange) — Philadelphia, Pennsylvania, July 13, 2022 — Vernon Hill, chief executive of Republic First, leaves. As announced by Republic First Bancorp Inc. in a news release published on Friday, July 8, 2022, and in a regulatory filing published on Wednesday, July 13, 2022, Vernon W. Hill leaves his post as chief executive officer at the Philadelphia-based bank, after about a year and a half in the role, effective August 8, 2022.
Republic First will undertake a search for a successor.
“After claiming the Company breached his employment agreement”
Vernon Hill’s departure from the CEO post is explained as follows. Republic First said: “Vernon W. Hill, III has submitted his resignation as CEO after claiming the Company breached his employment agreement. His resignation is effective August 8, 2022.”
Precise information regarding Vernon Hill’s future plans was not immediately available.
“Resignation”
Republic First said: “By letter dated July 7, 2022 (the “July 7 Letter”), Vernon W. Hill, II, Chairman and Chief Executive Officer of the Company and Chairman of the Company’s wholly owned banking subsidiary, Republic Bank, provided written notice to the Company of his resignation as Chief Executive Officer of the Company, effective August 8, 2022. Mr. Hill disclosed his reasons for resigning in a letter to the Board dated July 6, 2022 (the “July 6 Letter”), alleging a breach of his existing employment agreement with the Company.”
Share price increase since February 2021
The announcement follows an increase in Republic First Bancorp Inc.’s share price of 30% since February 2021. February 2021 is the month in which Hill’s tenure as CEO began.
In the position of CEO since 2021
Vernon Hill became CEO of the Company in 2021.
Vernon W. Hill II has been a director and chairman of the Company since 2016.
In February 2021, he was named to the additional role of chairman of the Bank and chief executive officer of the Company and the Bank.
Hill was previously the chairman, chief executive officer, and president of Commerce Bancorp, Inc. which he founded in 1973.
Under his direction, Commerce Bank grew from one location in Marlton, N.J. to more than 450 branches along the east coast of the U.S. with over $50 billion in assets before its sale in 2007.
He is often credited with reinventing the concept of American banking.
His book titled “Fans Not Customers: How to Create Growth Companies in a No Growth World” is based on the concept that it is better to have fans rather than customers and that businesses should compete on service instead of price.
Hill was also the chairman and founder of Metro Bank in the U.K., Britain’s first new High Street bank in over 100 years, from 2010 until 2019.
He also is a partner in a real estate development firm which has developed numerous shopping centers and retail locations.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Vernon Hill’s move on a scale of 0 to 10.
exechange reached out to Republic First and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2022 ($).