- After almost seven years in the position
- Mike Huston taking over
- Schierhorn will remain as Chairman at Northrim BanCorp
- Schierhorn kept it short and said 58 words
(exechange) — Anchorage, Alaska, March 29, 2024 — Joe Schierhorn, chief executive of Northrim BanCorp, leaves his position. As announced by Northrim BanCorp. Inc. in a news release and in a regulatory filing published on Friday, March 29, 2024, Joseph M. (Joe) Schierhorn leaves his post as chief executive officer at the parent company of Northrim Bank, after almost seven years in the role, effective April 6, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Joe Schierhorn’s duties as CEO will be taken over by Michael G. (Mike) Huston, currently President at Northrim Bank.
“Strategic plan for executive leadership succession”
The management change is explained as follows. Schierhorn stated: “We continue to implement our strategic plan for executive leadership succession and Mr. Huston is a key component of that plan.”
Schierhorn will remain as Chairman at Northrim BanCorp
Northrim BanCorp stated: “Joe Schierhorn will continue to serve as Chairman of the Board of Directors of Northrim BanCorp and Northrim Bank, a position he has held since 2018 after serving in a number of executive and management roles since starting at the Bank as a charter employee in 1990.”
“Resign”
Northrim BanCorp said: “Mr. Joseph M. Schierhorn intends to resign from his position as President, Chief Executive Officer and Chief Operating Officer of the Company and Chief Executive Officer of the Bank, effective April 6, 2024.”
Share price increase since March 2019
The announcement follows an increase in Northrim BanCorp. Inc.’s share price of 33% since March 2019.
In the position of CEO since 2017
Joe Schierhorn became CEO of the Company in 2017.
Joseph M. Schierhorn was appointed to the position of President and Chief Executive Officer of the Company, effective June 26, 2017.
Joe Schierhorn is a charter officer of Northrim Bank.
He started his Northrim career as Vice President, Commercial Loan Officer and Regulatory Compliance Manager in 1990.
Joe Schierhorn has been an Executive Vice President since 2001, initially as the Chief Financial Officer.
He was promoted to Chief Operating Officer in 2013, President & Chief Operating Officer in 2015, President and Chief Executive Officer in 2016, and Chairman in 2018.
Joe Schierhorn is a CPA and has a Juris Doctorate/Master of Management degree from Willamette University School of Law and Atkinson Graduate School of Management, having received his bachelor’s degree from Stanford University.
He is a graduate of the Pacific Coast Banking School.
He has been involved with many organizations including the Anchorage Chamber of Commerce, Anchorage Rotary Club, United Way of Anchorage, Alaska Bankers Association, and the Resource Development Council of Alaska.
Joe Schierhorn is a past president of the Alaska Bankers Association and the current Co-Chair of KEEP Alaska Competitive.
58 words by Joe Schierhorn
In announcing his departure, Joe Schierhorn kept it short and said 58 words.
“Collaborative leadership style”
Joe Schierhorn stated: “We continue to implement our strategic plan for executive leadership succession and Mr. Huston is a key component of that plan. Mike has brought a wealth of experience to the organization. His collaborative leadership style has resulted in growth and success throughout the Bank. He continuously exhibits a commitment to our customers, employees and the communities we serve.”
The above text is an excerpt from the exechange report 14.2024 ($), publication date April 1, 2024.