• After 13 years in the position
• Accolades and praise for Sulerzyski
• Tyler Wilcox taking over
• Sulerzyski said 77 words

(exechange) — Marietta, Ohio, July 11, 2023 — Chuck Sulerzyski, chief executive of Peoples Bancorp, is set to leave his position. His upcoming departure is made public at an early stage. As announced by Peoples Bancorp Inc. in a news release and in a regulatory filing published on Tuesday, July 11, 2023, Charles W. (Chuck) Sulerzyski leaves his post as chief executive officer at the bank holding company, after 13 years in the role, effective March 31, 2024.

Long goodbye

It is a long goodbye. The announcement of Chuck Sulerzyski’s move comes up to nine months prior to his planned departure from the post of CEO.

In general, a top executive who announces the departure particularly early may be considered a lame duck.

Chuck Sulerzyski’s duties as CEO will be taken over by Tyler J. Wilcox, most recently Executive Vice President, Community Banking at Peoples Bancorp Inc.

It is a generational change. Tyler Wilcox is about 22 years younger than Chuck Sulerzyski.

A search is currently underway for Wilcox’s successor as Executive Vice President, Community Banking.

“The ideal successor”

The planned management change is explained as follows. Peoples Bancorp stated: “Susan Rector, Chairman of the Board of Directors of Peoples, said that the Board has planned for this transition for several years and that Wilcox’s demonstrated leadership and breadth of experience at Peoples made him the ideal successor to Sulerzyski.”

Precise information regarding Chuck Sulerzyski’s future plans was not immediately available.

“Retire”

Peoples Bancorp said: “On July 11, 2023, Charles W. Sulerzyski, President and Chief Executive Officer (“CEO”) of Peoples Bancorp Inc. (“Peoples”) notified Peoples of his intention to retire from his position as President and CEO of each of Peoples and Peoples’ banking subsidiary, Peoples Bank, effective March 31, 2024. He also intends to retire from the Boards of Directors of Peoples and Peoples Bank on that same date.”

Share price increase since April 2011

The announcement follows an increase in Peoples Bancorp Inc.’s share price of 130% since April 2011. April 2011 is the month in which Sulerzyski’s tenure as CEO began.

In the position of CEO since 2011

Chuck Sulerzyski became CEO of the Company in 2011.

His bio reads as follows:

• President and Chief Executive Officer of Peoples and Peoples Bank since April 2011.
• Member of the Board of Managers of Peoples Insurance Agency, LLC since 2011, serving as President from April 2011 to April 2012, and from June 2015 until October 2015.
• Member of the Board of Managers of Vantage Financial, LLC since March 2022.
• Formerly Regional President of the Great Lakes Region for KeyBank, National Association., a national bank located in Cleveland, Ohio, from 2005 to 2010; Managing Director at Marsh & McClennan, Inc., a company located in New York, New York, which provides risk and insurance services and solutions, from 2000 to 2005; and Executive Vice President, Community Banking Group, at The Provident Bank, Cincinnati, Ohio, from 1996 to 2000.
• Director of Peoples Bank Foundation, Inc. since May 2011.

77 words by Chuck Sulerzyski

In the news release announcing his departure as CEO of Peoples Bancorp Inc., Chuck Sulerzyski received accolades and praise.

In announcing his departure, Chuck Sulerzyski said 77 words.

“I am thrilled”

Chuck Sulerzyski stated: “It has been my great privilege to serve as the leader of Peoples the past 12 years. I am proud of the organization we are today and the impact that we have had on our clients and our communities. And I am thrilled that the board has named Tyler as my successor. I have worked closely with Tyler in all aspects of the business during my tenure and am confident that Peoples will thrive under his leadership.”

39% of CEOs are forced out or fired

When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.

Of the 316 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 11, 2022, to July 10, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or pursuit of other opportunities were cited as departure reasons, the average Push-out Scores were also significantly elevated.

Around 39% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.

In other words, in the past 12 months, three in eight departing CEOs were forced out or fired.

Push-out Score for Chuck Sulerzyski’s move determined

The Push-out Score regarding Chuck Sulerzyski’s move is explained point by point in the exechange report.

exechange reached out to Peoples Bancorp and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 29.2023 ($).