- After almost nine years in the position
- Billy Beale taking over
(exechange) — Charlottesville, Virginia, July 17, 2023 — Brian Plum, chief executive of Blue Ridge, leaves his position. As announced by Blue Ridge Bankshares Inc. in a regulatory filing published on Monday, July 17, 2023, Brian K. Plum has left his post as chief executive officer at the bank holding company, after almost nine years in the role, effective July 12, 2023.
Brian Plum’s duties as CEO will be taken over by G.William (Billy) Beale, a former Chief Executive Officer at Community Bankers Bank.
It is a reverse generational change. Billy Beale is about 30 years older than Brian Plum.
No reason given
In the announcement, Blue Ridge did not explicitly explain the reason for the move.
Precise information regarding Brian Plum’s future plans was not immediately available.
Blue Ridge said: “On July 12, 2023, Brian K. Plum, President and Chief Executive Officer of Blue Ridge Bankshares, Inc. (the “Company”), notified the Company of his resignation as President and Chief Executive Officer and as a director of the Company, effective on such date.”
Share price decline since July 2022
The announcement follows a decline in Blue Ridge Bankshares Inc.’s share price of 43% since July 2022.
In the position of CEO since 2014
Brian Plum became CEO of the Company in 2014.
Brian K. Plum has served as a director of the Company since 2014 and as President and Chief Executive Officer of the Company since December 2014.
Plum previously served as President of the Bank from December 2014 until April 20, 2022.
Plum also previously held the positions with the Company and the Bank of Executive Vice President from 2010 to 2014, Chief Financial Officer from 2007 to 2014 and Chief Administrative Officer in 2014.
Before joining the Company in 2007, he served in several positions with the accounting firm PBMares, LLP in Harrisonburg, Virginia.
Plum is a graduate of Eastern Mennonite University with a Bachelor of Science in Accounting and Economics, of James Madison University with Master of Science in Accounting, and of the Darden School of Business at the University of Virginia with a Master of Business Administration.
He is a Certified Public Accountant licensed in the Commonwealth of Virginia.
No statement by Brian Plum
The announcement of his departure as CEO does not include a statement by Brian Plum.
40% 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 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 17, 2022, to July 16, 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 personal reasons were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% 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, two in five departing CEOs were forced out or fired.
Push-out Score for Brian Plum’s move determined
The Push-out Score regarding Brian Plum’s move is explained point by point in the exechange report.
exechange reached out to Blue Ridge and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2023 ($).