First Niagara Financial (FNFG) CEO Koelmel Resigns

March 19, 2013 4:16 PM EDT
First Niagara Financial Group (Nasdaq: FNFG) announced that its Board of Directors, at its regularly scheduled March 19th meeting, appointed Gary M. Crosby, 59, to serve as interim President and Chief Executive Officer. Mr. Crosby currently is Executive Vice President and Chief Administrative and Operations Officer of First Niagara. The appointment of Mr. Crosby follows the mutually agreed upon departure of John R. Koelmel, as First Niagara's President, Chief Executive Officer and Board member, effective immediately.

A special committee of the Board's independent directors has been formed to initiate a search for a permanent President and CEO. The special committee will be chaired by board member Nathaniel Woodson, and will conduct a thorough and expeditious search, considering both internal and external candidates. An executive search firm will be retained to assist in the CEO selection process.

Crosby joined First Niagara in 2009, and has served as its Executive Vice President and Chief Administrative and Operating Officer. In this role, Crosby has overseen the successful build-out of the infrastructure to support the company's growth, with particular focus on enterprise risk management, technology, and operations.

Before joining First Niagara, Crosby was a founding shareholder of ClientLogic Corporation serving as chief financial and chief operating officer. He was a partner with Seed Capital Partners, a venture capital firm, and has held senior financial leadership positions in banking and manufacturing. Crosby also dedicated five years to full-time community service, answering the call to turnaround the finances and operations of the Buffalo schools, the second largest school district in New York State. Crosby is a magna cum laude graduate of Canisius College.

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