- After 15 years in the position
- Accolades, praise and thanks for Dufour
- Simon Griffiths taking over
- Dufour said 88 words
(exechange) — Camden, Maine, August 21, 2023 — Greg Dufour, chief executive of Camden National, leaves his position. As announced by Camden National Corp. in a news release and in a regulatory filing published on Monday, August 21, 2023, Gregory A. (Greg) Dufour leaves his post as chief executive officer at the bank holding company, after 15 years in the role, effective December 31, 2023.
It is the end of an era.
Greg Dufour’s duties as CEO will be taken over by Simon Griffiths, most recently Executive Vice President – Head of Core Banking at Citizens Bank.
The fact that Greg Dufour’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Culmination of an extensive CEO succession planning process”
The planned management change is explained as follows. Camden National stated: “The appointment of Griffiths is the culmination of an extensive CEO succession planning process led by Lawrence Sterrs, Chair of the Board of Directors. A special committee of the Board, comprised of independent directors, oversaw CEO succession planning, assisted by a nationally recognized executive recruiting firm.”
Precise information regarding Greg Dufour’s future plans was not immediately available.
Camden National said: “Mr. Dufour will depart from his position as President and Chief Executive Officer and as a member of the Board and Bank Board, effective December 31, 2023.”
Share price decline since August 2018
The announcement follows a decline in Camden National Corp.’s share price of 23% since August 2018.
In the position of CEO since 2009
Greg Dufour became CEO of the Company in 2009.
Dufour will remain with Camden National as an advisor for several months following his retirement on December 31, 2023.
Gregory A. Dufour has served as President and CEO of the Company since January 2009.
Dufour joined the Company in April 2001 as Senior Vice President of Finance.
In August 2002, he assumed additional responsibility for Operations and Technology until December 2003.
In January 2004, Dufour was named Chief Banking Officer for the Company and President and Chief Operating Officer for Camden National Bank, and in January 2006, he became President and CEO for Camden National Bank.
He also serves on the Board of Directors of Camden National Bank.
Prior to joining the Company, Dufour was Managing Director of Finance and a member of the Executive Operating Group for IBEX Capital Markets in Boston, Massachusetts.
In addition to his experience at IBEX, Dufour held various financial management positions with FleetBoston Corporation and its affiliates, including Vice President and Controller of Debt Capital Markets, Controller of Investment Banking and Banking Group Controller.
Dufour has served in various volunteer capacities on numerous community-related organizations and currently serves as trustee of Coastal Healthcare Alliance system in Rockport, Maine and is the immediate past Chair and currently serves on the board of trustees of Maine Health in Portland, Maine.
Dufour is also a member of the executive committee of the Board of Directors of the Maine Bankers Association.
88 words by Greg Dufour
In the news release announcing his departure as CEO of Camden National Corp., Greg Dufour received accolades, praise and thanks.
In announcing his departure, Greg Dufour said 88 words.
“Ensure a smooth transition”
Greg Dufour stated: “It has been an honor to serve as Camden National’s President and CEO. In my 22 years with Camden National, I have been fortunate to work with a great team of fellow employees and our Board of Directors in serving our customers, communities, shareholders, and each other. I am delighted that our Board of Directors has selected a successor with deep experience and commitment to guide the Bank into the future. I look forward to working closely with Simon and the executive team to ensure a smooth transition.”
Push-out Score for Greg Dufour’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Greg Dufour was pushed out or felt pressure to leave his position.
Read the full story in the exechange report 35.2023 ($).