- After 17 years in the position
- Accolades, praise and thanks for Gordon
- Bill Bruss taking over
- Gordon said 105 words
(exechange) — Wauwatosa, Wisconsin, July 25, 2023 — Doug Gordon, chief executive of Waterstone, leaves his position. As announced by Waterstone Financial Inc. in a news release and in a regulatory filing published on Tuesday, July 25, 2023, Douglas S. (Doug) Gordon leaves his post as chief executive officer at the savings and loan holding company for WaterStone Bank, after 17 years in the role, effective December 31, 2023.
It is the end of an era.
Doug Gordon’s duties as CEO will be taken over by William F. (Bill) Bruss, currently President at Waterstone Financial Inc.
“Ideal successor”
The planned management change is explained as follows. Waterstone stated: “Pat Lawton said that the Board has planned for this transition for several years and that his breadth of experience at the Company, along with the leadership that he has demonstrated over the years, made Bruss the ideal successor to Gordon.”
Precise information regarding Doug Gordon’s future plans was not immediately available.
“Retire”
Waterstone said: “On July 25, 2023, Douglas S. Gordon, Chief Executive Officer (“CEO”) of Waterstone Financial, Inc. (the “Company”) notified the Company of his intention to retire from his position as CEO of the Company and its wholly owned subsidiary, WaterStone Bank (the “Bank”), effective December 31, 2023.”
Share price decline since July 2018
The announcement follows a decline in Waterstone Financial Inc.’s share price of 14% since July 2018.
In the position of CEO since 2007
Doug Gordon became CEO of the Company in 2007.
Gordon will continue to serve on the Board of Directors of the Company and the Bank.
Gordon will also continue to serve on the Board of Directors of Waterstone Mortgage, a wholly owned subsidiary of the Bank.
Gordon is the Chief Executive Officer of Waterstone Financial and WaterStone Bank, beginning in 2007; President of Waterstone Financial and WaterStone Bank from 2007 to 2022, and Chief Operating Officer of WaterStone Bank from 2005 to 2007; real estate investor.
Gordon has a B.A. from the University of Wisconsin – Parkside and an M.B.A. from Marquette University.
105 words by Doug Gordon
In the news release announcing his departure as CEO of Waterstone Financial Inc., Doug Gordon received accolades, praise and thanks.
In announcing his departure, Doug Gordon said 105 words.
“Good hands”
Doug Gordon stated: “As I retire from my position as CEO of this esteemed financial institution, I am filled with a sense of gratitude and accomplishment. Over the years, we have grown and expanded our operations, while remaining committed to our values of integrity, customer service, and community involvement. It has been an honor to lead such a dedicated and talented team, and I am proud of all that we have achieved together. As I move on to my Board position, I am confident that with Bill and his team, Waterstone is in good hands; and will continue to thrive and serve the financial needs of our customers.”
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 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 25, 2022, to July 24, 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 Doug Gordon’s move determined
The Push-out Score regarding Doug Gordon’s move is explained point by point in the exechange report.
Read the full story in the exechange report 31.2023 ($).
