Opus Bank CFO Nicole Carrillo leaves abruptly

  • Push-out Score suggests push-out forces
  • After about four years in the position
  • Thanks and good wishes for Carrillo
  • Kevin Thompson taking over

(exechange) — Irvine, California, November 13, 2017 — Nicole Carrillo, finance chief of Opus Bank, leaves. It is an abrupt change. As announced by Opus Bank in a news release on Monday, November 13, 2017, Nicole M. Carrillo has already left the post as Chief Financial Officer at the bank after about four years in the position, effective November 09, 2017.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange.

Carrillo’s duties are taken over by Kevin Thompson, most recently Chief Financial Officer at Midland States Bancorp.

The fact that Carrillo’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“Kevin has led efforts to improve operational performance”

A reason for Carrillo’s sudden departure from the post of CFO was not explicitly given. Stephen H. Gordon, Chairman, Chief Executive Officer, and President of Opus Bank, said: “As a seasoned corporate executive, Kevin has led efforts to improve operational performance and efficiency at regional and super-regional banks, while he also possesses the management experience and expertise to help lead Opus as we continue to execute on our strategy of building a high-performing regional bank on the West Coast.”

Precise information about the future plans of Carrillo was not immediately available.

“Resigned”

Opus Bank said: “Nicole M. Carrillo, Opus’ Executive Vice President, Chief Financial Officer, has resigned from her position with Opus effective November 9, 2017 and will continue as a consultant. Ms. Carrillo concurrently resigned from her positions as a director of the Opus Community Foundation and Opus Financial Partners.”

Share price decline

The change follows a decline in the share price of Opus Bank since October 2016.

Chaired by Stephen H. Gordon

Opus Bank is chaired by Stephen H. Gordon.

Stephen H. Gordon has served as the Chairman of the Company’s Board of Directors, President and Chief Executive Officer since September 30, 2010.

In the position of CFO since 2013

Nicole M. Carrillo has been Chief Financial Officer and Executive Vice President of Opus Bank since August 30, 2013.

Carrillo joined Opus Bank in January 2011 as Senior Vice President and Chief Accounting Officer and was promoted to Executive Vice President and Chief Financial Officer in August 2013.

Carrillo oversaw all accounting and finance functions, including but not limited to, financial performance and reporting, liquidity management and planning, investment portfolio performance and positioning, capital and interest rate risk management and strategic planning, budgeting and forecasting, income taxes and coordination with external auditors and banking regulators.

Carrillo worked directly with the Company’s board of directors and banking regulators relative to Opus Bank’s current financial position and forecasted performance.

Carrillo also oversaw the activities related to corporate development and M&A including due diligence analysis.

Prior to joining Opus Bank, Carrillo worked in the financial services practice of the KPMG LLP Los Angeles office since 2001, having most recently served as an Audit Senior Manager.

Carrillo received her Bachelor of Science in Accounting from Loyola Marymount University and is a California Chartered CPA.

Carrillo is also a member of the United Way of Orange County’s Emerging Tocqueville Leaders, Women Looking Forward, and the United Way of Greater Los Angeles’ Emerging Leaders.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Nicole Carrillo’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 47.2017 ($).