National Bankshares CEO James Rakes hands over to Brad Denardo

  • After 34 years on the job
  • Laud and praise for Rakes
  • Rakes will remain as Chairman at National Bankshares
  • Rakes spoke at length and said 89 words

(exechange) — Blacksburg, Virginia, May 11, 2017 — James Rakes, chief executive of National Bankshares, hands over the reins. As announced by National Bankshares, Inc. in a news release and in a regulatory filing published on Thursday, May 11, 2017, James G. Rakes leaves the post as Chief Executive Officer at the parent company of The National Bank of Blacksburg after 34 years on the job, effective August 31, 2017.

Rakes’ duties are taken over by Brad Denardo, currently Chief Executive Officer at National Bank of Blacksburg.

No reason given

In the announcement, National Bankshares did not explicitly explain the reason for Rakes’ move.

Rakes will remain as Chairman at National Bankshares

The Board of Directors of the Company announced that Rakes has agreed to remain as the Chairman of the Company’s Board of Directors until the end of his current term “in order to continue to provide the Company and the Board of Directors with the valuable benefit of his leadership based on over 30 years of experience in the executive management of the Company and its subsidiaries,” National Bankshares said.

Rakes will continue to serve as a director of the Company through his current term, which ends at the annual shareholder meeting in 2019.

Rakes and the Company have entered into an agreement pursuant to which Rakes will remain as Chairman of the Company’s Board of Directors until the end of his current term as a director.

“Retire”

National Bankshares said: “On May 9, 2017, James G. Rakes announced at the annual shareholders meeting of National Bankshares, Inc. … that effective August 31, 2017 he will retire from his positions as President and Chief Executive Officer of the Company and as Chairman of the Board of Directors of the Company’s wholly owned banking subsidiary, the National Bank of Blacksburg, and as President, Chief Executive Officer and director of National Bankshares Financial Services, Inc., the Company’s wholly owned financial services subsidiary.”

Share price rise since May 2015

The change follows a rise in the share price of National Bankshares, Inc. since May 2015.

On the job as CEO since 1983

Rakes has been President and Chief Executive Officer and a director of the Company since its founding.

He has served as President and Chief Executive Officer of the National Bank from 1983 until early in 2014.

Read the full story in the exechange report 20.2017 ($).