- After about a year in the position
- Accolades, praise, thanks and good wishes for Heslop
- Ron Zimmerly taking over
(exechange) — Middlefield, Ohio, November 14, 2023 — Jim Heslop, chief executive of Middlefield, leaves his position. As announced by Middlefield Banc Corp. in a news release and in a regulatory filing published on Tuesday, November 14, 2023, James R. (Jim) Heslop leaves his post as chief executive officer at the bank holding company of The Middlefield Banking Company, after about a year in the role, effective January 1, 2024.
Jim Heslop’s duties as CEO will be taken over by Ronald L. (Ron) Zimmerly, currently President at Middlefield Banc Corp.
No reason given
In the announcement, Middlefield did not explicitly explain the reason for the move.
Precise information regarding Jim Heslop’s future plans was not immediately available.
“Retirement/resign”
Middlefield said: “Middlefield Banc Corp. (NASDAQ: MBCN) today announced the Company has appointed Ronald L. Zimmerly, Jr. as Chief Executive Officer, succeeding James R. Heslop, II. Mr. Zimmerly, currently President and Director of Middlefield Banc Corp. (“Middlefield” or the “Company”) and The Middlefield Banking Company (the “Bank”), will assume the role of Chief Executive Officer of both entities on January 1, 2024, upon Mr. Heslop’s retirement.”
Middlefield further said: “On November 13, 2023, James R. Heslop, II, Chief Executive Officer and director of the Company and the Bank, notified the Company’s Board that he will resign as Chief Executive Officer of the Company and the Bank effective January 1, 2024.”
“Not the result of any disagreement”
Middlefield stated, regarding the change: “Mr. Heslop’s resignation is not the result of any disagreement with the Company.”
Share price increase since May 2023
The announcement follows an increase in Middlefield Banc Corp.’s share price of 1% since May 2023.
In the position of CEO since 2022
Jim Heslop became CEO of the Company in 2022.
Heslop will resign from the Middlefield Banc Corp. Board of Directors on December 31, 2023.
The Company’s Board of Directors has taken action to reduce the size of its Board of Directors from 13 to 12 effective on December 31, 2023.
Heslop has served as Chief Executive Officer of the Company and the Bank since December 1, 2022, Executive Vice President and Chief Operating Officer of the Bank since 1996 and Executive Vice President and Chief Operating Officer of the Company since 2000.
He has been a director of the Bank since July 1999 and a director of the Company since November 2001.
No statement by Jim Heslop
In the release announcing his departure as CEO of Middlefield Banc Corp., Jim Heslop received accolades, praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Jim Heslop.
Push-out Score for Jim Heslop’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jim Heslop was pushed out or felt pressure to leave his position.
exechange reached out to Middlefield and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2023 ($).