Heritage Financial CEO Jeff Deuel to leave

  • After about six years in the position
  • Praise for Deuel
  • No successor named
  • Deuel said 66 words

(exechange) — Olympia, Washington State, June 25, 2024 — Jeff Deuel, chief executive of Heritage Financial, is set to leave his position. His upcoming departure is made public at an early stage. As announced by Heritage Financial Corp. in a news release on Tuesday, June 25, 2024, Jeffrey J. (Jeff) Deuel leaves his post as chief executive officer at the parent company of Heritage Bank, after about six years in the role, effective May 6, 2025.

Heritage Financial did not name a permanent replacement for the position of Chief Executive Officer of Heritage Financial.

Heritage Financial has named Bryan D. McDonald to succeed Jeffrey J. Deuel as President and CEO of Heritage Bank and President of Heritage Financial Corporation, effective July 1, 2024.

McDonald has held the titles of President and Chief Operating Officer of Heritage Bank since 2018.

McDonald also currently serves as a director on the Washington Bankers Association Board and as a member of the American Bankers Association Government Relations Council.

He has held a variety of banking leadership positions during a career spanning more than 30 years and encompassing the areas of lending, credit administration, portfolio management, retail, bank operations, and corporate strategies.

“A methodical and thoughtful approach”

The planned management change is explained as follows. Deuel stated: “Taking a methodical and thoughtful approach to this transition is important to us. We want to ensure that our customers, our shareholders, and our dedicated employees do not experience any notable day-to-day changes in the direction of the bank.”

Precise information regarding Jeff Deuel’s future plans was not immediately available.

Heritage Financial said: “Mr. Deuel, who has served as CEO of Heritage Bank since 2018 and as President and CEO of Heritage Financial Corporation since 2019, will remain CEO of Heritage Financial Corporation until May 6, 2025, at which time he will take on an advisory role assisting the CEO and the Company’s board of directors.”

Share price increase since June 2023

The announcement follows an increase in Heritage Financial Corp.’s share price of 4% since June 2023.

In the position of CEO since 2019

Jeff Deuel became CEO of the Company in 2019.

With a commercial banking career spanning 42 years, Deuel will work closely with McDonald during the transition, which is a process designed to ensure a smooth executive transition.

Jeffrey J. Deuel is President and Chief Executive Officer (“CEO”) of Heritage, positions he has held since July 1, 2019.

Immediately prior to his appointment as President and CEO of Heritage, Deuel was the President and CEO of Heritage Bank and the President of Heritage from July 2018 to July 2019, having started at Heritage Bank in September 2010 as Executive Vice President and serving in positions of increasing importance.

Prior to joining Heritage, Deuel held the position of Executive Vice President Commercial Operations with JPMorgan Chase, formerly Washington Mutual.

Prior to joining Washington Mutual, Deuel was based in Philadelphia where he worked for Bank United, First Union Bank, CoreStates Bank, and First Pennsylvania Bank.

During his career, Deuel has held a variety of leadership positions in commercial banking, including lending, credit administration, portfolio management, retail, corporate strategies and support services.

He is past chair of the Washington Banker’s Association and currently serves on the board of the Oregon Bankers Association and Pacific Coast Banking School.

Deuel earned his Bachelor’s degree at Gettysburg College.

66 words by Jeff Deuel

In the release announcing his departure as CEO of Heritage Financial Corp., Jeff Deuel received praise.

In the release announcing his departure as CEO, Jeff Deuel said 66 words.

“Ensure a seamless transition”

Jeff Deuel stated: “Taking a methodical and thoughtful approach to this transition is important to us. We want to ensure that our customers, our shareholders, and our dedicated employees do not experience any notable day-to-day changes in the direction of the bank. Bryan’s knowledge of the communities we serve, his professional reputation in the industry, and his leadership experience within the Heritage Bank family will ensure a seamless transition.”

The above text is an excerpt from the exechange report 27.2024 ($), publication date July 1, 2024.