Seacoast CEO Denny Hudson leaves his post

  • Push-out Score determined
  • After almost 23 years in the position
  • Chuck Shaffer taking over
  • Hudson will remain as executive chairman at Seacoast
  • Hudson made a lengthy statement and said 209 words

(exechange) — Stuart, Florida, June 15, 2020 — Denny Hudson, chief executive of Seacoast, leaves his position. As announced by Seacoast Banking Corp. of Florida in a news release on Monday, June 15, 2020, Dennis S. (Denny) Hudson leaves his post as chief executive officer at the community bank after almost 23 years in the role, effective in December 2020.

It is the end of an era.

Denny Hudson’s duties as CEO will be taken over by Charles M. (Chuck) Shaffer, currently chief operating officer and chief financial officer of Seacoast Banking Corp. of Florida.

Denny Hudson’s move forms part of a management shake-up also involving the position of executive vice president, treasurer and director of corporate strategy.

“A careful and methodical plan”

The management change is explained as follows. Hudson said: “We’re transitioning leadership according to a careful and methodical plan we’ve had in place for some time.”

Hudson will remain as executive chairman at Seacoast

“Dennis S. Hudson, III, the Company’s current chairman of the board of directors and CEO, will become executive chairman of the board of directors in December 2020,” Seacoast said.

Share price increase since June 2015

The announcement follows an increase in Seacoast Banking Corp. of Florida’s share price of 39% since June 2015.

In the position of CEO since 1998

Denny Hudson became CEO of the Company in 1998.

Dennis ‘Denny’ S. Hudson III was named Chairman of Seacoast in July 2005, and has served as Chief Executive Officer of the Company since June 1998.

Hudson has also served as Chairman and Chief Executive Officer of the Bank since 1992.

He was President of Seacoast from June 1998 to July 2005, after serving in various positions with the Company and the Bank since 1978.

Hudson also serves on the board of directors, the audit committee and the compensation committee of Chesapeake Utilities Corporation (ticker: CPK), a public gas and electric utilities company headquartered in Dover, Delaware.

In November 2015, Hudson was appointed as an independent director to PENN Capital Funds, a mutual fund group managed by PENN Capital Management.

Hudson also serves on the board of Martin Health System and the Community Foundation for Palm Beach and Martin counties.

From 2005 through 2010, he also served as a member of the board of directors of the Miami Branch of the Federal Reserve Bank of Atlanta.

Hudson is actively involved in the community, having served on the boards of the Martin County YMCA Foundation, Council on Aging, The Pine School, the Job Training Center, American Heart Association, Martin County United Way, the Historical Society of Martin County and as chairman of the board of the Economic Council of Martin County.

He has been recognized for his achievements with several awards including the Florida Senate Medallion of Excellence Award presented by Florida Senator Ken Pruitt in 2001.

Hudson is a graduate of Florida State University with a Bachelor’s degree in Finance, and a Master’s degree in Business Administration.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to Seacoast and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 25.2020 ($).