HomeStreet CFO Melba Bartels leaves for BECU

  • Signs for push-out forces
  • After less than two years on the job
  • Praise, words of regret and good wishes for Bartels
  • Search for a successor
  • Bartels made a lengthy statement and said 68 words

(exechange) — Seattle, Washington, March 28, 2017 — Melba Bartels, finance chief of HomeStreet, leaves. It is a change at short notice. As announced by HomeStreet, Inc. in a news release and in a regulatory filing published on Tuesday, March 28, 2017, Melba Bartels, Chief Financial Officer, leaves the financial services company in a surprising move after less than two years on the job, effective April 23, 2017.

No company wants a CFO to flame out in the first years.

HomeStreet will undertake a search for a successor.

Bartels will be Chief Financial Officer at BECU

“After much consideration I have made the decision to leave HomeStreet to pursue another opportunity as the Chief Financial Officer of BECU,” Bartels said. BECU is a credit union originally established to serve employees of The Boeing Company.

“Leaving”

HomeStreet said: “On March 24, 2017, Melba Bartels, Senior Executive Vice President and Chief Financial Officer of HomeStreet, Inc. … advised the board and management of the Company of her intended departure from HomeStreet effective April 23, 2017.”

Share price rise since December 2014

The change follows a rise in the share price of HomeStreet, Inc. since December 2014.

Chaired by Mark K. Mason

HomeStreet, Inc. is chaired by Mark K. Mason.

Mason has been the Chief Executive Officer of HomeStreet, Inc. since January 20, 2010, President since August 2010 and as its Chairman of the Board since March 2015.

On the job as CFO since 2015

Bartels joined HomeStreet Bank as its Chief Financial Officer in August 2015.

She is responsible for all aspects of financial management and manages the Enterprise Risk Management function.

Bartels has an extensive financial management background in key leadership roles.

Prior to joining Homestreet, Bartels was with JPMorgan Chase as Chief Financial Officer of the Auto Finance and Student Lending Division.

Her professional experience also includes senior management positions with Washington Mutual Bank, where she was Senior Vice President for Corporate Financial Planning and Analysis, and Senior Vice President Corporate Strategy, and Vice President Corporate Treasury.

Her previous experience also includes Ragen MacKenzie, where she served as a sell side equity analyst for the financial services industry.

Bartels holds a Masters of Business Administration and a Bachelor of Science from the University of Washington School of Business.

At the time of Bartels’ appointment as Chief Financial Officer at HomeStreet, CEO Mark K. Mason had said: “Melba is a highly proficient financial executive with extensive experience in bank finance, treasury and accounting. In addition to her professional expertise, she is a strong leader and accomplished in a broad range of areas, including mergers and acquisitions. She will be a strong addition to our executive team as we continue to build our infrastructure to support our ongoing growth and diversification.”

Signs for push-out forces

It is not completely certain what forces eventually triggered Melba Bartels’ 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 14.2017 ($).