Hope Bancorp CFO Doug Goddard leaves at short notice

  • Push-out Score suggests push-out forces
  • After almost five years on the job
  • Praise, thanks and good wishes for Goddard
  • Alex Ko taking over

(exechange) — Los Angeles, California, September 05, 2017 — This news came the day after Labor Day. Doug Goddard, finance chief of Hope Bancorp, leaves. It is a change at short notice. As announced by Hope Bancorp, Inc. in a news release on Tuesday, September 05, 2017, Douglas J. (Doug) Goddard leaves the post as Chief Financial Officer at the holding company of Bank of Hope after almost five years on the job, effective October 02, 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.

Goddard’s move comes two months after Scott Yoon-Suk Whang took over as chairman of Hope Bancorp, Inc.

Goddard’s duties are taken over by Alex Ko, most recently Chief Financial Officer at Bank of Hope.

“Natural progression of our succession planning”

The imminent management change is explained as follows. Kevin S. Kim, President and Chief Executive Officer, said: “Alex’s appointment is a natural progression of our succession planning and facilitates a seamless transition.”

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

“Retirement”

Hope Bancorp said: “Hope Bancorp, Inc. …, the holding company of Bank of Hope … today announced the planned retirement of Douglas J. Goddard, Executive Vice President and Chief Financial Officer of the Company, effective October 2, 2017.”

Share price decline

The change follows a decline in the share price of Hope Bancorp, Inc. since January 2017.

Chaired by Scott Yoon-Suk Whang

Hope Bancorp, Inc. is chaired by Scott Yoon-Suk Whang.

Scott Yoon-Suk Whang was appointed Chairman of the board of directors of Hope Bancorp, Inc. and Bank of Hope effective July 14, 2017.

CEO: Kevin S. Kim

Kevin S. Kim serves as CEO of Hope Bancorp, Inc.

Kevin S. Kim is President and Chief Executive Officer of Hope Bancorp, Inc. and Bank of Hope, formerly known as BBCN Bancorp, Inc. and BBCN Bank.

He has been President and Chief Executive Officer of Hope Bancorp since March 2013 and of Bank of Hope since April 2014.

On the job as CFO since 2013

Douglas J. Goddard is Executive Vice President and Chief Financial Officer of Hope Bancorp, Inc.

Previously, he was promoted to Executive Vice President and Chief Financial Officer of Hope Bancorp, Inc. and Bank of Hope, formerly known as BBCN Bancorp, Inc. and BBCN Bank, on April 1, 2013, after having served as Deputy Chief Financial Officer since November 2011.

Goddard has more than 30 years of experience in financial management in the commercial banking sector.

Prior to the formation of BBCN, he served as Interim Chief Financial Officer of Center Financial Corporation, one of the predecessor companies of BBCN, beginning in June 2010.

From 1997 through 2009, Goddard served as Executive Vice President and Chief Financial Officer of the former First Federal Bank of California, which was placed into receivership by the FDIC in December 2009.

He also was involved in several other bank acquisitions in his prior positions at California United Bank and Pasadena-based Community Bank.

A Certified Public Accountant, Goddard began his professional career as an auditor in 1974 at KPMG LLP.

He earned his B.A. in Economics and Accounting from Claremont McKenna College, where he graduated cum laude with departmental honors.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Doug Goddard’s imminent 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 37.2017 ($).