- After around seven years in the position
- Praise for Kaminski
- Ray Reitsma taking over
- Kaminski spoke at length and said 141 words
(exechange) — Grand Rapids, Michigan, October 17, 2023 — Bob Kaminski, chief executive of Mercantile, is set to leave his position. His upcoming departure is made public at an early stage. As announced by Mercantile Bank Corp. in a news release and in a regulatory filing published on Tuesday, October 17, 2023, Robert B. (Bob) Kaminski leaves his post as chief executive officer at the bank holding company, after around seven years in the role, effective June 1, 2024.
Bob Kaminski’s duties as CEO will be taken over by Raymond E. (Ray) Reitsma, currently Chief Operating Officer at Mercantile Bank Corp.
“Management succession process”
The planned management change is explained as follows. Kaminski stated: “The management succession process is an ongoing responsibility which is very important to our Board, and reflects many years of thoughtful consideration about the future leadership of our company.”
Precise information regarding Bob Kaminski’s future plans was not immediately available.
“Retire”
Mercantile said: “President and Chief Executive Officer (“CEO”) Robert B. Kaminski. Jr., intends to retire effective June 1, 2024.”
Share price decline since October 2018
The announcement follows a decline in Mercantile Bank Corp.’s share price of 6% since October 2018.
In the position of CEO since 2017
Bob Kaminski became CEO of the Company in 2017.
Kaminski will remain on the Board of Directors.
Kaminski joined the Bank in 1997 and has over 35 years of commercial banking experience.
Kaminski was appointed President and Chief Executive Officer of Mercantile on January 1, 2017 and serves as Chief Executive Officer of the Bank, a position he has held since 2015.
Kaminski has held various positions of increasing influence and responsibility with Mercantile and the Bank, serving Mercantile and the Bank as Senior Vice President and Secretary from 1997 to 2003, Executive Vice President and Secretary from 2003 to June of 2007, Executive Vice President and Secretary from 2007 to 2015 and President and Chief Executive Officer from 2015 through 2016.
In addition, he served as the Bank’s Chief Operating Officer from 2000 to 2016.
Kaminski serves on the Boards of Directors for the Grand Valley State University Foundation, the City of Wyoming Retirement Board, the West Michigan Policy Forum, and on the Finance Committee for The Right Place.
He previously served on the Heart of West Michigan United Way Board for seven years, with two of those years as the Board Chair.
Kaminski also serves as a director of Mercantile, a position to which he was appointed by the Board on December 15, 2016.
Kaminski served as a director of Mercantile previously from 2011 to 2014.
141 words by Bob Kaminski
In the release announcing his departure as CEO of Mercantile Bank Corp., Bob Kaminski received praise.
In announcing his departure, Bob Kaminski spoke at length and said 141 words.
“Reflects many years of thoughtful consideration”
Bob Kaminski stated: “The management succession process is an ongoing responsibility which is very important to our Board, and reflects many years of thoughtful consideration about the future leadership of our company. Ray has been with Mercantile for more than 20 years, maintaining key leadership roles, including the last seven as President of our subsidiary, Mercantile Bank. We have complete confidence that Mercantile, with Ray at the helm in his new role as President and CEO, will continue fulfilling the role of trusted partner for our clients and the communities we serve, as well as adding value for our shareholders. It has been my absolute privilege to be a part of the formation of Mercantile over 26 years ago, and President and CEO for the last seven years. I look forward to continuing my association with Mercantile as a Director in the years ahead.”
Push-out Score for Bob Kaminski’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Bob Kaminski was pushed out or felt pressure to leave his position.
exechange reached out to Mercantile and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2023 ($).